Franchise Your Business: Implementation
Many companies enter the franchise marketplace each year in search of new franchise partners who share the same ideals, philosophies, and core business principles as the founders of the organization. The process of franchising can be a cumbersome ordeal and requires a large amount of time, energy, and resources.
When considering whether to franchise your business, one must look at not only the “hard money cost” of developing a franchise program, the legal documentation, and the necessary franchise registrations that are required to offer or sell the franchise concept, but also at the commitment that comes along with franchising.
When beginning to franchise your business, it is easy to misunderstand how much work and energy goes into a successful franchise launch. The excitement and idea of opening up franchised branches of your business seem to cover up the critical ingredients that are required of a successful franchise system.
From my experience working with many different businesses and personality types in franchising, one thing holds true regardless of age, sex, or industry, franchising will test your patience.
As the franchisor, you are the one who everyone will turn to and will be expected to have the answer. It is your duty and responsibility to provide substantial guidance and support to franchisees every step of the way.
There are many organizations, including FMS that provide the structure, guidance, and oversight for a successful franchise program implementation. But after the first franchise is sold and the check has cleared, the responsibilities land back on you as the franchisor.
Just this week, a franchisor who is well on his way to being a successful franchise system having spread throughout New Jersey, Pennsylvania, and the lower part of New York said to me, I didn’t have any idea how much work this would require.
The past two weeks had been difficult, a strategic partner had drastically changed pricing, a franchisee had been having difficulty obtaining a lease and there was an issue with financing regarding a new potential franchise partner. It was weighing heavy and had incurred several sleepless nights on my friend.
When considering whether to Franchise Your Business, it is important to get your arms around the gravity of what comes after the sale, how much of you is required from a new franchise buyer, what kind of time, and how many phone calls you will need to take to keep people feeling supported.
Ultimately, franchising isn’t for everyone, but for some, the alternative of qualifying whether to franchise your business can turn out to be a very good fit. Great franchisors are typically really good relationship managers and have the ability to work with a very diverse group.
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