There are many ways to expand your business. Some choose to build branches, while others focus on the development of new products. But have you ever considered franchising your business? This may sound like hard work and a lot of legwork, but could be worth it. If you have a business with a model that is easy to replicate, you actually have a lot of opportunities for expansion through franchising.
Now you may ask, “How can I franchise my business?” Other concerns may even cause you to feel anxious. Don’t worry! This guide will give you a walkthrough of the basics of franchising a business.
Know the process
The process may seem fairly simple: Give someone a permission to use your brand and sell your products. But in between, there are many procedures and nitty-gritty details that may make your head spin. Don’t be overwhelmed by them. Focus on the essentials. The best way to know the process is to ask someone who has already done it. You can even consult your business attorney.
Be overly selective
Finding franchisees should be like finding your life partner. This means that you have to be selective, so only choose the best. Remember, these franchisees will carry your brand and do business under your name. You may create a separate department within your business that screens applicants. The department should also run a thorough background check.
Be strict with branding guidelines
Your franchisees will use your brand for a long time. As such, you need to make sure that these people will take care of this particular business equity. Other than ensuring that they take care of your products and processes, you must make sure that they use your brand properly. Give them a brand bible, for instance.
These are just some of the ways to franchise your business. You can always consult a lawyer specializing in this aspect of business to streamline your operations.