Advice for franchising your business
Franchising has proven itself to be a solid way to expand a business into a wider network, which is both robust and successful. However, the business has to be right for franchising and you cannot cut corners in the planning or investment.
Ensure you speak to a proper franchise solicitor, a franchise consultant and the franchise departments of the banks – all as a minimum. There are some advisors that may offer you cheap franchise agreements, documentation or consultancy, but from experience we often see businesses wasting their money by taking these routes. See the bfa’s UK-wide list of recognised and accredited experts here.
If you have a proven business and you are considering franchising it there are a number of considerations and some key steps to take:
Is your business model proven?
Has your business been proven to work for at least 12 months in the format you wish to franchise it?
Is the business model transferable?
It needs to work just as well in other regions if you expect to successfully franchise it.
Can the business model be taught?
Can you realistically teach someone to operate the franchise business to the required standards?
Is the franchise brand protected?
You need to ensure that your business and the brand is properly registered and protected.