Potential franchisors wanting to expand their network with the franchise model often ask the question, “What are the factors to successfully franchise my business?”
Factors for consideration are:
- FEASIBILITY
Some questions that potential franchisors must answer positively are:
- Is my business franchise ready?
- Is the business sustainable for the franchisor and the franchisee?
- Have the systems been tested?
- Can I meet the financial obligations to franchise my business?
- Am I committed to make my franchisees successful?
- IMPLEMENTATION
This refers to the correct manner in which the criteria and documentation of the proposed franchise is implemented. Criteria would include a Franchise Development Plan, trademark registration, the copyright of intellectual property, profiling the ideal franchisee, area and site. Documentation would include a comprehensive Prospectus, Operations and Procedures Manual, A Disclosure Document and Franchise Agreement that are compliant with the Consumer Protection Act, 68 of 2008.
- MANAGEMENT
The management of the franchise network is fundamental for the success of the brand. This will only be achieved if the network has happy, successful franchisees.
- SUPPORT
Initial and on-going support is not something just to talk about but must be done to maximise the franchisees potential and ultimately build a stable and strong franchise network.
Acting on the above considerations will go a long way to successfully franchising your business.
Kevin Antonie
CEO
SA Franchise Brands
