Make sure your franchise is a success
Getting the advice from a good franchise consultancy company can be the difference between making your franchise a success or a failure, here Derin Clark explains why
Franchising a business is not easy. If you think it is then you should consider a different expansion route, as your franchise will probably end in failure.
One of the biggest misconceptions about franchising is that all you have to do is follow a formula to be successful. Whether you are a franchise owner or a franchisor – this is not true.
What is true is that there are elements of franchising that are included in each franchise model. For example the majority of franchisors will provide training and support. A Franchise Agreement will have to be signed. The franchise owner will own the rights to use the brand name and business model. However, break them down and each of these are unique to each franchise. The training and support provided by McDonald’s, for instance, is completely different to the one provided by Northwood. As is the brand name and business model. Even the Franchise Agreements include different clauses.
Clearly then, if you are a business owner looking to franchise your business for the first time you cannot simply follow another brand’s formula and expect to be successful.
Basically, your business is unique and it deserves a unique franchise offering.
So how do you go about setting up a unique franchising offering? The simple answer is to get professional help, ideally from a franchise consultant.
A good franchise consultant will be able to help you with all aspects of franchising your business, from writing manuals to recruiting suitable franchise owners. They will be able to advise you on how quickly you should expand your franchise, which is important as if done too quickly you might not have the infrastructure to support your network, but too slowly and your franchise will stagnate.
They will even be able to help if your business gets to the point where you start considering franchising internationally.
As the franchise consultant is so important to the success of your franchise it should come as no surprise that choosing one to work with should not be done lightly.
Before agreeing to work with a franchise consultant there are some questions you need to ask yourself about the consultant. These include:
- What is their track record and what brands have they worked with in the past?
- Do you get on with the consultant?
- How will they promote your franchise?
- Can they help with writing manuals and other documents needed when franchising a business?
- Will they be able to get you in touch with franchise lawyers and other professionals that provide vital services to franchisors?
Most importantly, the franchise consultant you choose should be someone you trust to work with you in partnership to successfully franchise your business.
Written by Derin Clark