If you are a business owner that has a concept that can be easily replicated, franchising can provide an opportunity to grow your business at a fast pace. If you go about the franchising process the right way, you will be headed down the road to success. Here are the EPGD Law 5 steps to help guide you through the process:
Have a straightforward concept
- As a business owner, think precisely about how your business works. As a franchisor, you’ll want the franchisees to have every detail and guideline on how to run their business even for the smallest of daily operations. The best way to deliver this is to create an operations manual for the franchisees for a quick way to reference policies and best practices.
Hire a attorney
Having an expert looking out for your best interests is extremely important during the franchising process. From creating a franchising agreement, setting the pricing and determining property protection are just a few of the legal steps that will need to be taken. Find the right attorney to protect you and your business.
Build your brand, trademark it, and protect it
Your brand is the most valuable asset as a franchisor. Franchising your business means that you are giving a new person the opportunity to represent your brand, this is a huge risk in franchising. The message needs to be consistent throughout your entire organization, so strict guidelines should be established when using the brand. Any franchisee must get prior approval before using your brand assets in anyway, no matter how small. Observe all social media outlets on a regular basis, and pay close attention to videos and pictures the franchisees are releasing.
Take your time when picking franchisees
Recruiting the right franchisee is one of the most important steps in franchising your company. The relationship between the franchisor and the franchisee is long term. Unanticipated problems could occur, if you are not careful with the recruiting process. Set up an interviewing process, and know your deal-breakers beforehand.
Choose the right locations
For your first few locations think about keeping them close to home, but far enough away that they will not cause harm your original location. Ask yourself, where does it make sense for your business? What areas is your brand already recognized? You will need to visit these locations occasionally, so make sure the areas are convenient for you.
At EPGD Law, we specialize in business franchising, our experts are prepared to walk you through every step of the franchising process. If you are a business owner and feel that you are ready to expand your company. Reach out to EPGD Law today at 786-837-6787 and begin your franchising journey with us today.
*Disclaimer: This blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns. Contacting us through our website does not establish an attorney-client relationship.*