6 Best Ways To Prepare Your Business For Franchising
Franchising your business is a big step. It’s not something that you will be able to do overnight and there will be hurdles you’ll need to jump over before you can offer locations. If you’re looking to enjoy the benefits of franchising, you’ll want to make sure you think about some key factors before you get going.
What Are The Best Ways To Prepare Your Business For Franchising?
Listed below are the 6 best ways to prepare your business for franchising from scratch. They are designed to help you focus your efforts so that you can begin preparing for your journey as a franchisor in the best way possible.
- Establish Your Brand Identity
- Register Trademarks
- Construct Sound Unit – Level Economics
- Create An Operations Manual
- Find Your Franchise Growth Strategy
- Consider a Franchise Company
1. Establish Your Brand Identity
Your brand identity is an image of the values, strengths, and characteristics that your company wants to present to others. To effectively communicate this image, you need to establish your brand identity by choosing the appropriate business name, logo, and all of your other visual design elements carefully.
Think about colors, fonts, mission statements, and slogans. Building a strong brand identity will become an important tool as you begin to develop your new business and create a lasting reputation with your customers. Being an easily recognizable brand will bring you one step closer to owning a successful franchise.
2. Register Trademarks
Protecting your brand identity is a critical part of starting your business and becoming successful. However, for new franchisors, it can seem like an insurmountable challenge to achieve if you aren’t familiar with the terms and steps that are required for registering a trademark.
Regardless of whether you are planning on selling franchises or just want to protect yourself from having your intellectual property stolen, there are many reasons why it is worthwhile to learn about and file the appropriate documents to register a trademark.
3. Construct Sound Unit – Level Economics
Before you can sell your franchise business, you’ll want to make sure that each location operates profitably. That way, you can prove your model has a history of financial success.
While having solid unit-level economics is important for gaining credibility, it’s also necessary for getting strong returns on your investment when selling your first franchise opportunity. If you have a unit-level profit history, potential franchise buyers will have the comfort they need to trust in the viability of your business model.
4. Create An Operations Manual
If you are planning to franchise your business, you’ll do well to create an operations manual.
A good operations manual should incorporate operating procedures that cover everything from customer service and general daily tasks to important functions.
5. Find Your Franchise Growth Strategy
Franchisors may fail because they launch without a clear plan. In order to enhance your efficient franchise development strategy, you must set clear goals, plan your infrastructure, and stick to the plan. By setting up a five-year success plan when preparing to franchise your business, you can keep your brand’s long-term vision in mind as you make each decision, ultimately setting your franchise up for growth.
6. Consider a Franchise Development Company
You may be a great business person, but opening a franchise business requires more than just one person’s skill set. You’re going to be in uncharted waters and there will be things you simply don’t anticipate.
So, if you want this endeavor to be a success, hire a company that specializes in franchise business development like Franchise Marketing Systems aka FMS Franchise. They will not only save you time and energy, but they’ll help you avoid costly mistakes that could have been easily avoided had you had the assistance of a pro.
Franchising is a lot of work, and it can be complicated. That’s not to say that franchising is impossible for any business (just look at all the franchises that dot strip malls and line main streets all across America), but it is much easier to succeed if one puts the time into research and preparation before diving into this journey.
When you’re ready to expand your business, consider hiring a franchise consulting group that specializes in business franchising such as the team of expert franchising consultants at FMS Franchise.
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