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1. Assess the feasibility of Franchising
- Gather information
- Attend Franchise Seminars & Webinars
- Read books on franchising
- Talk with a Franchise Analyst
- Take a Franchisability Quiz
- Looking at all of your growth options
- Grow internally
- Find investors
- Franchise
- Franchise
- Business opportunity
- Licensing
- Gather information
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2. Meet with a Franchise Consultant
- Tour the Headquarters
- Are the systems in which the consulting firm follows in developing your franchise program proven
- In-House vs.
- Outsourced
- How many years has the firm been in business
- Review their client list
- Call references
- What work did the consulting company do for referral
- Why did they choose to work with consulting company
- Is the work done in house by fulltime employees
- Is it clear that the communication between the employees working on your program is free from barriers like:
- Not working together
- Having to work communicate via phone, instead of face to face
- How many times a week do the employees see each other
- Working at different locations
- Is there a project manager to head up your project
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3. Do you really want to franchise
- Meet face to face with consultants at their place of business for advice
- Talk with business advisors, close friends, and family
- Evaluate your current resources for moving forward with franchising
- Financial
- People
- “The heart” or Drive
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4. Moving forward with franchising
- Hiring a consultant and finding the right company
- Hiring a lawyer
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5. Mistakes to avoid while looking at franchising
- Do not make assumptions
- Do not meet with a lawyer only
- Legal documents do not drive the business
- All lawyers claim to be franchise specialists
- This is not easy to do if you have never franchised a business before
- Developing a franchise company is much different than being a franchisee
