If you are wondering how to franchise your business, you have taken the first preliminary step to finding the best way to expand. If you are new to the concept of franchising, the process may seem a little unclear. To make it simpler, we have broken it down into three phases which help us work together to turn your business into a successful franchise.
Is Franchising Right for Your Business?
The first step in the process on how to franchise is to actually find out if your business is feasible as a franchise. We have created a study to help us determine if franchising is right for you, but there are questions you can ask yourself to get a better idea as well, such as: “Is my business franchisable?”; “Is franchising the right growth strategy?”; and “Do I know how to franchise my business?” By answering these questions, we can work together to develop the best plan for growth.
In addition to finding out if your business is feasible for franchising, it is also important to understand your franchise’s potential profitability. By filling out this form, we can help you figure out how much profit your business could potentially make as a franchise, which will come in handy later on.
What Do You Need for Franchise Development?
Once you have the answers to those questions, the next phase of the process calls for franchise development. Franchises need to have a lot of things in place to make them appealing to investors. They need training programs or manuals, policies and procedures, a franchise disclosure document, and more resources that make up a franchise.
To start, we need to develop a brand. You may have a business logo and a brand image that you already use, but we need to create a brand identity. Your brand’s identity encompasses what you envision your brand to be. This means the policies, procedures, and business model all contribute to the identity you want your brand to have.
Do You Have a Plan?
The final phase of turning your business into a franchise is to execute the plan. By this point in the process, you know how to franchise your business, and you have everything in place to do so. This means that now all you have to do is go out and find investors!
Don’t worry, even beyond the process of turning your business into a franchise, we have services to help you get your first franchisees. From lead generation to franchise sales support and real estate assistance, we are your go-to people when it comes to franchising. After 30 years of helping businesses grow through franchising, we have perfected our methods to help nearly any concept get on the best path for growth. We offer countless services to help with franchise growth and development, so we can stick with you throughout the whole journey from successful business to booming franchise.
If you are wondering how to franchise your business and want more information about the process, learn more about our three phases to grow your business.