Stages in Franchising a Business

12
Nov, 2012
Monday - 18:16

When a company starts planning for franchising their business, they will need to walk through a step by step process to prepare for the launch. A number of stages are required to reach a maturity level to hit the market. A short summary of the steps required follows:

Franchise Development Stage

  • Complete a Feasibilty study by¬†assessing the viability for the franchisor and for their franchisees
  • Develop the franchise package. Decisions should cover all areas: costs, fees, financing, services, support, territory and minimum performance¬†criteria.

Infrastructure Development Stage

  • Implement operating and reporting systems
  • Prepare legal Franchise documentation
  • Trademark and protect the brand
  • Prepare the Franchise operations manual
  • Finalize a detailed franchise territory map

Recruitment Stage

  • Develop Franchise recruitment strategy
  • Create franchise recruitment material
  • Develop the Franchisee training program
  • Market the franchise opportunity
  • Finalize the Franchise enquiry processing
  • Interview potential Franchisees

Support Systems

  • Decide the general franchisee support
  • Franchise support staff recruitment
  • Franchise support staff training
  • Franchise network meetings and conferences

Exit Strategy

  • Plan the Exit Strategy and Succesion Planning

Developing a detailed franchise plan with all the elements required, will successfully launch your business. People will be more comfortable to invest in a well organized and profitable business. Visit our Franchise directory for a lareg collection of successful franchise enterprises for your perusal.

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