Franchising your business, if you invest the time and effort to do it properly, is not terribly difficult. Literally thousands of U.S. firms have franchised. However, don’t underestimate the power of experienced franchise consultant help.
Many of these have hired a franchise consultant to help them navigate the process. In my opinion as a franchise consultant, the key to creating a workable franchise program is to carefully lay the groundwork.
Of course, general navigation helps avoid the dangers found with do-it-yourself franchising as well. Often times, resourceful entrepreneurs will try to copy established franchise documents in attempt to save time and money.
The issue of course, is that every franchise program is unique, from expenses to services and of course vendors. So, there is indeed a risk associated with the DIY approach that can easily destroy a business over the longer term.
Often, bringing in a knowledgeable franchise consultant can greatly streamline the planning process.
As a franchise consultant, I adhere to the principle of fail to plan, plan to fail. I believe one of my roles as franchise consultant is to help businesses create a detailed plan for how the Franchisor and Franchisee will work together to attain mutual success.
Why Franchise Consultant Help?
A seasoned franchise consultant can be extremely helpful as you begin to develop your franchise program. The franchise consultant will know the important questions to ask. A professional franchise consultant partnership can also help you determine the answers that are right for your particular company, needs and goals.
Such issues can include:
- What products and/or services will your franchises offer?
- What are your goals for franchise sales?
- What size is the franchise territory?
- Will the size vary?
- What type of Franchisees are you seeking?
- Will they need specific attributes, skills or licenses?
- How much is the Initial Franchise Fee?
- What does it cost to launch a franchise location?
- How will the Franchisee make money? How much?
- How long will it take a Franchisee to earn back his/her investment?
- What are the Franchisor’s income streams?
Additional questions the franchise consultant can help you address may include:
- What training and support programs will you provide your Franchisees?
- Who will implement these support programs?
- To what degree will your Franchisees need technical support? If necessary, how will it be provided?
- What quality control systems are needed?
- Which products and/or services will your Franchisees purchase from you?
- How will you reach your prospective Franchisees?
Each of these issues must be carefully considered and detailed in the legal documents required of all Franchisors, the Franchise Disclosure Document and Franchise Agreement. It is in this planning stage that the knowledgeable assistance of an experienced franchise consultant may prove to be most critical to your success as a Franchisor.
In addition, franchise consultant help and assistance can provide on-going support as your franchise program grows.
Thinking About Developing a Franchise Support System?
NFA Franchise Consultants have the experience to help businesses franchise. Just watch and listen to some of our client case studies and video testimonials. We can HELP YOU and it doesn’t cost anything to call and talk to us!
So, if you are still asking the “should I franchise my business” question over and over with no clear direction, give us a call at (706) 356-5637, or contact us through our online form. We look forward to helping you take your business to the next level and beyond.