Franchising your business is a great way to grow a business and brand, however it is not an easy process and may not be for everyone. There are many things to consider when planning your franchise model. Read on for tips that every franchisor needs to know!
Know every detail of your business
In order to share your business concept with others you must be able to replicate it and be consistent! You need to know your business inside and out and have workable systems in place for every aspect of your company – from employees to stock to cleaning supplies!
Write an operation manual
When writing your manual, nothing is too small to include. The little day to day activities are important! Remember, you want people who have little knowledge of your business to be able to replicate your success. They must understand ‘how’ and of course ‘why’ your business works the way it does.
Take on a pilot franchise
A pilot franchise is a ‘trial run’ of the franchise model. It is great for trialling processes and ironing out your business operations! Having a pilot franchise with a proven success will help to provide accurate projections and forecasts for your franchise model. By providing solid data for a business plan, banks and lenders can access the capital stake and personal investment needed to offer funding – this will help support franchisees in opening your franchise.
Become affiliated with the British Franchise Association (BFA)
For your franchise to stand out from competitors and attract the right franchisees, accreditation from the BFA is a non-negotiable. It is the only approved and governed franchise association in the industry! To gain affiliation, your business model and accounts must show a stable and successful franchise model.
Being BFA accredited is great for potential franchisees as they understand the degree of diligence and professionalism required for members of the BFA and will set you apart from your competitors.
Having the backing of an industry association is immensely valuable to your brand and business! Alongside the credibility that BFA members have, the events, seminars and training days that are offered through the association will all help towards improving your franchise operations and recruitment.
Choose your franchisees wisely
You’ve worked so hard to get your business to be what it is today. You’ve sacrificed family time, social events, and a lot of sleep. Why would you want to jeopardise this by finding franchisees that don’t share your vision? You wouldn’t! When recruiting and awarding franchisees into your network you need to think ‘long term’, as you want this relationship to last and blossom for many years to come. The adage ‘never marry in haste’ certainly applies to franchising!
Ensure you research thoroughly into every franchisee. Evaluate their passion for your brand and business model and their intent to follow processes to achieve the same success. They should also do their due diligence on you and any existing franchisees. You want to ensure hard working and dedicated franchisees!
The best way for you to get to know each other is through a discovery day, where they can learn about the business and you can see if they are the right fit for your brand.
Presentation without demonstration is just conversation
Invest in training for your franchisees. If they are not successful, this will impact your success and reflect on your own model. The more training you provide franchisees, the better equipped and knowledgeable they will be within their business. Regular meetups and check-ins will allow you both to raise any issues and solve problems as they arise.
Control is key
Always ensure ultimate control of the operating systems and processes. If you leave room for loop holes, franchisees could take advantage – they need to feel protected and supported! Having controls in place provides security and demonstrates the level of commitment to growing and protecting yours and their brand.
You should be adapting your business model constantly to stay ahead of the market. By staying in control of the franchisees, you can both follow the same pathway to continual success together.
There is so much to consider when deciding to franchise your business. Find someone knowledgeable that can guide you through the process and bring up issues that you might not have otherwise thought of. The main takeaway here is that you absolutely need to know your business inside out! By intimately knowing your business and its processes, you can write a comprehensive manual and choose the right type of franchisee. By following a proven model and investing time into the right franchisees, you can watch your business and brand flourish.