How to franchise my business
Warning about bad franchising advice
If you're considering franchising your business, it's important to take your time to get things done the right way from the outset. As in all fields, there are plenty of people on the internet claiming to be experts at helping you - some have never worked in franchising, others may be trying to sell you the same solution they're selling everybody else.
But franchising is not an out-of-the-box solution. Every business has its own intricacies and requires specific, bespoke advice and documentation for the business to be franchised properly.
Fortunately, there are plenty of advisors that do invest in the best ethical advice and practices, which will give your business the strongest foundations. You need to make sure you know how to identify them, and that's where the bfa can help.
For example, it is crucial to avoid stock franchise agreements and templates. Cheap, generic agreements at best mean you can end up wasting some of your money – at worst, you can lose a lot more. Don't be caught out by thinking that you can reduce franchising costs with cheaper off-the-shelf templates or consultancy from those that don't have the expertise and experience you need. Find out the background of your advisors - you'll be glad you did.
The bfa has developed standards over many years to help you get the right advice when franchising your business and we urge you to make sure that your professional advisors are bfa-accredited. They've demonstrated their expertise, knowledge and experience in helping businesses create a successful franchise - use that mark of credibility to help steer you to the right people.
Without making sure your business is set up properly or that you have the right legal documentation, you also run the risk of your franchisees not being able to gain finance from the banks - a major blow to your expansion plans and something that will drive your prospects elsewhere.
And of course, gaiing bfa membership relies on a business's ability to show a commitment to ethical franchising and a sustainable, proven concept that can support a franchise network. You will certainly make that task a whole lot harder if you have left yourself open to a number of possible problems.
Take a few minutes to go through some of the franchising key facts and advice pieces on this website. It will help you franchise your business better and give you the confidence that you are spending your money correctly. The better your investment at the beginning, the more quickly, safely and sustainably you can grow your network from the off.