Franchising your business can be an interesting and perhaps successful way to expand. However, a lot of work needs to go into it, so it’s important not to take it lightly. There are some major steps you’ll need to take on the journey to starting a franchise. Once you’ve worked out if it’s a viable option, you’ll have to research and take action to make it work. It could be the best way to turn your brand into a household name. But, equally, it could end up being a disaster. Don’t forget these vital steps on your way to success.
Legal Steps to Franchising
If you want to start a franchise, you won’t get anywhere without understanding the legalities. It’s vital that you don’t get caught out by being on the wrong side of the law. You’ll need to complete a Franchise Disclosure Agreement and follow your state laws. Hiring a lawyer will make this easier to navigate.
Creating a Franchising Model
Not all franchises are the same. They all have their own rules and regulations. There are some major decisions you’ll have to make about your franchise model when you’re setting it up. Some of them will relate to finances while others connect to your brand or products. You will have to decide on fees and payments, training programs, and much more.
Adapting to Different Environments
If you want your business to spread far and wide, should it always be exactly the same? One of the challenges you may face is how much control to give your franchisees. Should you allow them to adapt your brand to their location?
Infographic Produced By Pepperdine University