Great Franchise Partners
Franchising
is a legal and business relationship that can help grow your business.
A
franchise is created by a legal agreement that involves the license of a
trademark, the payment of a fee, and control over the operations of a business.
When you franchise your business, you’ll be creating the legal documents,
pre-sale disclosures, and operational requirements needed to comply with the
franchise laws and sell franchises to individuals who become your franchisees.
As a
franchisor, you’ll be granting franchisees the right to develop and open “New
locations using your Trademarks, Business systems, suppliers, training, and
ongoing support.”
Here
are the steps to franchise your business:
1. Determine if Franchising is Right for Your Business
Your business, business systems and, personal
goals need to align with franchising. When you franchise, you’ll be responsible
for recruiting, training, and supporting franchisees as your brand grows.
2. Franchise Disclosure Document
Your FDD should be prepared to comply with federal and state-specific franchise laws and should be specific to your business and the franchise that you are offering.
3. Operations Manual
You will be providing a confidential operation
manual to your franchisees. Your operations manual must document and inform you
franchisees about all system requirements and information needed to develop,
open, and operate the franchised business.
4. Register Your Trademarks
You must register your trademarks with the United
States Patent and Trademark Office. More about trademarks here and what could
happen if your trademarks are not registered.
5. Establish Your Franchise Company
You will need to establish a new franchise
entity, typically a corporation or limited liability company. Your new
franchise company will be in the business of selling franchises, supporting
franchisees, and building systems to grow.
The
franchise development process typically takes between 90- to 120-days to go
from where you are today to being a franchisor legally able to offer and sell
franchises. However, once you “franchise your business” you’re just getting
started.
Looking for Franchise Partners
1. Develop a relationship based on
effective collaboration and trust
Like
any business, a franchise unit can only succeed with strong leadership behind
it. Make sure you team up with someone you can collaborate with effectively,
and who can fill in any gaps in your knowledge or skill set. Also, you must be
able to support and trust each other. Open communication is vital when it comes
to developing a business, particularly if you need to report back to the
franchisor.
2. Choose partners who share your goals and values
When
you buy a franchise unit, you probably have an idea of your long-term goals and
aspirations - but your business partner must share them. If you’re working
towards entirely separate targets, you’re bound to come unstuck sooner or later.
Having
the same core values is equally important. Running a franchise unit can be
tough at times, but passion for your business will get you through. Of course,
you may have differing opinions once in a while, but your shared values and key
mission will help you continue pushing forward to reach your end goal.
Like
any relationship, the connection you have with your franchise partner will
evolve. For this reason, you must clarify details such as financial
contributions, roles, responsibilities, and exit strategies right at the
beginning.
If you
can’t agree on these issues before you go into business together, you might end
up jeopardizing the success of your unit in the long run.
Franchise
Consultants Mantra:
Start a business, becoming
a consultant could be a good option for you, Depending on your experience
level.
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CONCLUSION
The
only way for the partnership to work is for both parties to act with
understanding and humility. Rather than focus on your agenda, you and your
partner should do whatever it takes to help your business develop and grow.
More
Details: https://www.sparkleminds.com/services/
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