how to franchise your business

Should You Franchise Your Business?

Should You Franchise Your Business?

Simply put, franchising is a business model which looks to expand a business idea and its goodwill by licensing the right to use its trademarks (IP) and brand to an independent entity whilst also providing an operating system and support.  There are many benefits to franchising but what is involved and is it the right option for you? Why would you franchise your business? It can be an effective way to grow your business brand when you do not have the capital or personnel to expand yourself. Accordingly, a franchisor can indirectly invest in its business and spread the financial risk, but share the gains and knowledge of a successful commercial idea. As such franchising can be a very cost-effective route for scaling-up a business, provided that you can demonstrate that your business is succ... »

How to Franchise Your Business – The Steps to Take

A proven business model is at the centre of every profitable franchise, but you need more than this to be successful. This section will guide you through: Franchising your business: first steps Setting up a pilot operation Choosing and managing your franchisees Finding the right professional advice Franchising your business: first steps Put together a business plan A business plan should clarify what you want to achieve and how you intend to go about it. It should cover finances as well as your long-term objectives for growth and future development. Create an operations manual You must provide your franchisee with detailed instructions on how to run their business, in accordance with your own business model. The easiest way to do this is through an operations manual, posted on a private, p... »