1. Assess the feasibility of Franchising
-
- Gather information
- Attend Franchise Seminars & Webinars
- Read books on franchising
- Talk with a Franchise Analyst
- Take a Franchisability Quiz
- Looking at all of your growth options
- Grow internally
- Find investors
- Franchise
- Business opportunity
- Licensing
2. Meet with a Franchise Consultant
-
- Are the systems in which the consulting firm follows in developing your franchise program proven
- How many years has the firm been in business
- Review their client list
- Call references
- What work did the consulting company do for referral
- Why did they choose to work with consulting company
- Is there a project manager to head up your project
3. Do you really want to franchise
-
- Meet face to face with consultants at their place of business for advice
- Talk with business advisors, close friends, and family
- Evaluate your current resources for moving forward with franchising
- Financial
- People
- “The heart” or Drive
4. Moving forward with franchising
-
- Hiring a consultant and finding the right company
- Do they have a proven business system
- Go to place of business
- Hiring a lawyer
5. Mistakes to avoid while looking at franchising
-
- Do not make assumptions
- Do not meet with a lawyer only
- Legal documents do not drive the business
- All lawyers claim to be franchise specialists
- This is not easy to do if you have never franchised a business before
- Developing a franchise company is much different than being a franchisee
