How does one start a franchise?
I have been doing this casino party business for over 15 years and I want to franchise out. How do I start? How costly is it? How do I market it?
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Dec 20, 2018
You may find this story on Business News Daily helpful: https://www.businessnewsdaily.com/5657-how-to-franchise.html
Jun 7, 2014
Depends on the State. In CA you need to apply and become approved to offer franchises. the best way to do this is to hire either a consultant or CFO who has taken a business through franchising.
Jun 2, 2014
Hi Katherine,
the idea of franchising your business is a way to achieve faster growth and involves bringing an excellent administration.
Every business that plans to operate as a franchise start point of having an organized system of operation and management. Which must be properly documented.
As a standard business operation and controlled step by step, to ensure the same quality and service that the business matrix.
The initial cost should consider designing manuals administration, operation and marketing promotion.
The marketing plan to promote the franchise should at least include advertisements in magazines and attending trade fairs and exhibitions.
Jun 2, 2014
standardize your processes and adopt an efficient way to make it. unification and duplication results in franchising. of course there are steps in between, this is the general outlook of it.
Jun 1, 2014
Hi Katherine,
This is an interesting question and one that I've been asked many times over the years. I suggest you start by asking yourself what it is you want to achieve with your business over the next 5 or so years and then determining whether franchising is actually the best strategy. It is only one of many ways to grow your business.
If you do head down the franchise path, there are a number of ways you can go about it, from buying templates online to engaging high-end consultants and lawyers. I would recommend you speak to a number of people who specialise in the development of franchise systems and get familiar with the terminology, their approach, the legal requirements and costs which can vary from 20 or 30K up to 150K.
In the meantime, there are a number of things you could be doing in your business to help move you toward being franchise ready - and keep you growing in the meantime.
Happy to provide more info if its of interest to you.
Kind regards,
John Di Natale
May 31, 2014
Franchises can be very tricky, therefore research more about the product, the legalities, location. Its good that you have been doing it for a long time but remember you were an employee. There might be a lot that you missed but you will encounter as a business owner therefore further research is always good and non regrettable.
May 31, 2014
Hi Katherine,
I would suggest to you that you first decide what franchise that you want to start. Once you know what that franchise it is you need to do your homework. Your homework is doing research on that particular company and request an information packet from the company. By doing the research you will find out whether or not if you and that franchise are a good match. Once you have done your homework on the company and decide whether or not you make a good match then you want to start on meeting the criteria for becoming a franchiser with the company. I hope this helps....
May 31, 2014
1 - you need a tried and tested concept
2 - you need a minimum of one year acountable history and profitability
3 - you need at least 3 years eithere acurate projections os one year plus 2 year financial projections
4 - you need a franchise concept
5 - you need contracts and manuals
6 - you need to know how you are going to support franchisee
7 - you need a hell of a lot of money
8 - you need a strong identifiable well presented brand
May 30, 2014
I looked into franchising my business and found that it was easier to do it virtually, on a national scope, which grew to global! If I were you I would start by either opening offices in targeted cities or handling everything virtually (less costly).
May 30, 2014
Franchise Gator will provide you top franchise start ups. In addition, the marketing backdrop will provide the up front investment opportunities. The information is provided by state and type of business. In addition, Seminars, webinars and upcoming conferences are available.