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Guide to Franchising a Business
Successful entrepreneurs can become teachers for a percentage of profitsDeveloping a franchise concept allows you to expand your business without personally funding the growth. To be successful, a new franchise generally must demonstrate that:
- It can be replicated
- There is demand for the service or product
- Other franchise owners can make money from it
If your business meets those basic criteria, franchising may be one way to expand your business without having to personally set up each new location. To get started, you must be able to:
- Grant permission to use a trademark or registered name
- Providing training and ongoing support
- Provide support payments of at least $500 during the first six months of operation
Action Steps
The best contacts and resources to help you get it done
Decide if your business or idea can be franchised
Some types of businesses lend themselves more readily to the franchise concept.
I recommend:
Francorp is a top solution for help and information on turning an existing business into a franchise, offering a full line of services. Start with their handy online franchisability quiz to help you see if your business is ready to make the jump. Francorp also offers regular franchising seminars across the country.
Hire a franchise attorney
Developing a franchise from scratch takes plenty of legal documents. You'll want an expert to prepare and review them on your behalf to keep you out of trouble.
I recommend:
Choose a franchise attorney from the Supplier Directory on the International Franchise Association (IFA) Web site.
Create an operations manual
Before you can sell others on your successful methods of operating a profitable business, take time to write down what it takes to run your company.
I recommend:
For help in developing the operations guide that will be at the core of your franchise concept, look into hiring a franchise consultant such as McGrow, MSA, FranCorp, or iFranchise.
Identify potential financing sources for your franchisees
Since 90 percent of all franchises require an initial one-time investment of up to $50,000, plus royalties or ongoing fees of 3 to 6 percent, you'll want to make your franchise more attractive by making it possible for franchisees to afford it.
I recommend:
Investigate financing available through GE Franchise Finance, Capital.com, CIT Small Business Lending, and the Small Business Administration, among others.
Tips & Tactics
Helpful advice for making the most of this Guide- The key to successful franchising is in the creation of systems that can be duplicated through training and support.
- Franchising offers great opportunities for expansion and efficiency. But building a brand takes time, so be patient.
- Before you begin pursuing franchisees, make sure your legal documentation is in order so you don't run afoul of the law.
