Friday, 18 November 2016

Thinking about Franchising your Business concept ?



Thinking | Idea | Lightbulb

If you are an existing business owner and looking at strategies to grow your business, one method you may wish to consider is franchising.  Below is a summary of the kind of issues that you need to address:
  • Ideally you already have an established business, trading successfully, distinctive, proven and can be replicated;
  • You have sufficient capital/funding to develop the franchise system;
  • A business plan has been developed in relation to your franchise project;
  • Your intellectual property rights are protected and can be licenced to franchisees;
  • You have Operations and Procedures Manuals for use by your franchisees;
  • You will have a procedure for selecting franchisees;
  • You will have developed training programs;
  • You have created marketing and advertising campaigns to promote the franchise system;
  • You have a procedure for selecting territories;
  • You have considered issues around leasing of fixed premises (if applicable);
  • You have engaged professionals, such as lawyers and accountants, to provide necessary advice and assistance;
  • You have considered what support systems you need to assist franchisees as they come on line;
  • You have assessed what fees will you charge your franchisees;
  • You have considered whether a pilot franchise should be set up first to verify if the franchise system is a viable strategy;
  • You have checked that supply chains are secure and reliable;
  • You have appropriate internal management and IT systems in place;
  • You have the necessary management skills; and
  • You are aware of the Franchising Code of Conduct and its application to you as a Franchisor.

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Disclaimer

The material provided in this document is for general information only and is not to be relied upon as advice. No responsibility is accepted for any loss, damage or injury, financial or otherwise, suffered by any person or organisation acting or relying on this information or anything omitted from it.

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