Do you own a successful small business? If so, congratulations! There’s no doubt that you’ve worked very hard to get where you are, and perhaps you intended to keep growing.
It’s not easy to replicate the success of a small business, but you also don’t want to miss out on the opportunity to capitalize on the momentum you’ve already set in motion. Franchising a business can be a complicated and scary process. But don’t worry, you’ve come to the right place for help.
Here are some things you’ll need to know when the time is right to franchise your business and make a good thing even better!
Franchising a business is a big step. You want to do it right. Read below to learn some things you should (and shouldn’t) do when you franchise your business.
Things to Keep in Mind When You Franchise Your Business
Hire a Good Attorney
Operating a small business is tricky enough, but creating a franchise is a whole new barrel of monkeys. There are a million details to learn and keep track of, including intellectual property protection. Hiring a smart attorney that understands the landscape is the best way to protect yourself and make sure that all legal bases are covered.
As a business owner, it’s impossible to know everything. Your attorney will help to keep you operating between the lines so that small issues don’t turn into major problems further down the line.
Keep in mind that a good lawyer won’t be cheap, but you really can’t put a price on great legal advice.
Have a Clear Understanding of How You Want the Business to Grow
One of the keys to successfully franchising a business is to develop a clear vision of how you want to grow the company. Every business owner has a different set of goals. Perhaps you only want to open a couple of franchises, or you might want to create an empire. These are very different goals that require two very different business strategies.
Achieving the goals for your company requires specific strategies and planning, including infrastructure and funding needs. Thus, a strong vision will help you take the right steps to grow your business in a smart and healthy way.
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Always remember that no matter how smart you are, you’ll still need great counsel along the way. Find as many mentors as possible. At least two or three. Surround yourself with people who possess a wisdom that comes from experience and who you know that you can trust.
Believe it or not, the most successful people are often the most willing to offer advice and lend a helping hand. Mentors can be experts in different fields who understand business and are able to offer an outside perspective because they aren’t emotionally attached to your company.
When working with mentors it’s vital to be a good listener. Because advice only has value when it is received with an open mind and then wisely applied to the decision-making process.
Be as Organized as Possible
Before you begin the actual process of launching a franchise, make sure that you remained as organized as possible every step of the way. This is no time to get sloppy.
Launching a franchise involves endless decisions about every detail you could possibly imagine. The process of organization might feel complicated and take some time, but the effort is worth it.
From business cards and signage to marketing and training your staff, the more organized you are, the more smoothly the operation will be able to run. It’s a good idea to develop an operational manual so that everything is in print and thus able to be easily referenced when important decisions need to be made.
Be deliberate and methodical in your decision making. And never be afraid to slow down and take a breath when you need to.
Keep in mind that opening a business franchise can be a lot like dating. You wouldn’t go out with just anyone, right? It’s the same with choosing who to do business with.
That’s why it’s so important to be picky about who you partner with. Do they have the right background for this type of business? Have they held a position of leadership before? Are they a team player who will keep the best interest of the company at heart? Keep in mind that not only will this person represent the company, they need to be focused on protecting and growing the brand.
Protect and Build Your Brand
When it comes to building a franchise, branding is everything. Your brand encompasses your company culture, your attitude toward customers, as well as your beliefs about the community.
One of the biggest risks you’ll face when opening a franchise is empowering your employees to represent your brand. It’s important to send a clear message that will resonate from the top of management all the way down to the least important person on the payroll.
When it comes to protecting the brand, no detail is too small. It’s vital to pay attention and monitor everything closely.
Choose the Right Location for Each Franchise
Location, location, location. This is a cliché for a reason. Because when it comes to opening a new franchise for your business, location is everything.
This is true for a number of reasons, not the least of which is traffic, logistics, and your ability to be able to keep a close eye on operations at the franchise.
Learning How to Make Your Business Grow
Watching your business grow and expand can be exciting. But learning the details of how to franchise your business can often feel stressful and complicated.
Don’t hesitate to reach out to other business owners and leaders in the community for help and advice. You’ll be surprised at the generosity of your peers. Follow the steps laid out in this article, keep doing the things that have helped you be successful already, and get ready to enjoy even bigger success in the future!
Click here to see tips on how to choose a business name for your company.