So you have established a successful business and you have a tried, tested and proven business model. You have decided that you are ready to start expanding your business and have decided that franchising is your best option. But one problem – how to franchise?
There are many different types of franchise businesses out there. From management to job franchises and from those that only franchise internationally to those that only offer single unit franchises. What is the best option for your business and how do you find out?
Fortunately, there are professional franchise consultants who can help.
Franchise consultants are often able to draw on many years of experience in helping business owners to expand through franchising. As well as this most consulting companies will have contacts useful to new franchisors, such as an employment lawyer, or will be able to provide useful information, for example a sample franchise agreement.
In addition to providing useful contacts and information, franchise consultants can also offer practical advice on franchising a business. A franchise consultant will have worked with numerous franchisors in the past so they will be able to draw on this knowledge to give guidance on how to franchise your business model, and help to prevent you from making mistakes others have made in the past.
Some franchise consultants will also be able to offer you help with recruiting franchise owners. For example franchise consulting company, Franchise Development Services (FDS), publishes several franchise magazines and websites that help to generate leads of potential investors for franchisors.
Furthermore, it is usually advisable that if you are planning to franchise your business into a new country you should get the help of franchise consultants within that country. This is because they will be able to provide you with an insight into the laws, regulations, culture and customs unique to that territory.
Despite its reputation as a ridged and formulaic way to expand a business, there are, in fact, many different types of franchises. Those new to franchising, be they business owners or investors, often need advice on how to negotiate this unique business sector. With the experience, contacts and knowledge many franchise consultants have gained through years of providing guidance on franchising they often prove to be an invaluable one-stop shop of information for new franchisors wanting to know how to franchise their businesses.