When you’ve made the decision to convert your business to a franchise, it can be hard to figure out where to start. You’ll want to know how much it will cost, how long it will take, and you may even be wondering if it’s a good idea in the first place. Fortunately, a reputable franchise consultant like Accurate Franchising can help you through the conversion process.
AFI’s Process to Convert Your Business into a Franchise is a Proven One
Accurate Franchising has helped hundreds of independent business owners launch successful franchises. We tell all our clients they should expect to go through the following five steps when converting a business to a franchise brand:
1. Complete a Franchise Feasibility Study
Converting an independently owned business into a successful franchise operation is a labor-intensive process. It’s well worth the effort for a franchise-ready business, but wasted time if you’re trying to grow a business that just won’t work as a franchise model. AFI won’t put our clients on the path toward franchising if we’re not entirely confident that it’s the best way to grow. Our free franchise feasibility study poses a series of questions about what makes your business unique and whether your system and processes can be duplicated. Your answers will help us decide, together, if it’s the right time to convert your business to a franchise or not.
2. Build Your Infrastructure
Franchise infrastructure includes everything your franchisees will need to open and operate a successful business, including a franchise disclosure document, franchise agreement, operations manuals, brand policies, training and support, and more. Together, these resources make up your franchise system – the tools and programs that make your idea attractive to potential investors.
3. Define Your Brand
Great franchises begin with great brands, and great brands are based on unique attributes that distinguish your product or services from those of your competitors. AFI can help you position your brand based on features that make your offer stand out from others in the industry. Once that’s done, we’ll help you create or revamp your website and other marketing materials to communicate your brand message to both potential franchisees and their customers.
4. Devise an Effective Sales Plan
When your franchise system and your brand are in place, you’ll want to expose them to people who are most likely to get excited about your offer and convert to a sale. AFI uses proven lead-generating strategies to find qualified candidates who will give your franchise opportunity serious consideration. We’ll also help you design an effective data-driven sales plan to help you set realistic goals and track sales results against targets.
5. Don’t Forget About Financing
Don’t forget that you’ll need sound financing to convert a business to a franchise, or to expand an existing franchise. You’ll need a business plan to show prospective investors how you will use their money to provide a fair return, and you may also need access to reliable funding sources. AFI helps our clients craft clear, comprehensive business plans that can be presented to private investors or to our qualified financing partners.
Accurate Franchising has thirty years of experience in franchise development. Contact us today to find out how to convert your business to a successful franchise.