You have a successful business and now you’ve hit that point of ultimate scale and speed of growth through the franchise distribution model. This checklist will help you organize your thoughts, actions and steps to be taken in order to ensure a well-planned and structured launch of your new franchise brand.
When you look at the franchise market, you can see other businesses and brands that represent themselves as franchise offerings. The look is clean, professional and concise. You should have the appropriate branding in place for your own organization in order to best present your system and help the buyer understand why what you offer carries value not only to them, but to their future consumers.
Great franchises have fabulous training models. How can you find out if yours passes muster? Look to your own employees, gauge your turnover rate and get a feeling for how you stack up against the rest of the market and your competition.
In order to duplicate your model, your franchisees will need technology in order to execute. Confirm that you have a scheduling system, staffing technology, web management, marketing and accounting and other software platforms that virtually every business should have, let alone one that is about to franchise.
Good franchise brands have great Franchise Marketing Systems. Their marketing and business development model is defined, structured and organized to be able to replicate successful business development in new markets.
Franchising is a marketing and sales business. You need to be ready to present your value proposition and market your brand to potential franchise buyers. Talk with others who are doing the same and make sure you are up for the task.
A good franchise system should be able to show a franchisee how to earn $70k or more per year. Your business doesn’t need to make millionaires out of every franchise you sell, it just needs to be validated enough to show them how they can make a good living and build a financial asset with your franchise.
As your franchisees expand into new markets, will they be able to leverage the relationships you have in place, pricing you’ve negotiated and overall strategic benefit you get at your corporate business?
Have you trademarked your brand and your logo and protected your intellectual property?
Franchisees are like newborns, they need time and attention beyond what you could fathom until you have one. Are you ready for this?
How do you stack up against your competition and what makes your franchise better? ◊
Chris Conner is a successful Businessman with more than 14 years of successful experience in the franchise development field.
In 2009 Chris launched his Company, Franchise Marketing Systems, offering a unique performance-based franchise development strategy.
For more information on how to franchise your business, contact Chris Conner with Franchise Marketing Systems: Chris.Conner@FMSFranchise.com