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:
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?
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.
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.
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.
SA Franchise Brands