How to franchise my business
Warning about bad franchising advice
If you, like many other see the successes of franchising and therefore think you should be franchising your business, don’t rush straight in with the first advisor you come across. There are a number that do invest in the best ethical advice and practices, which will give your business the strongest foundations. However, you need to make sure you know how to identify them.
Franchising is not an out-of-the-box solution, as every business will have its own intricacies and will need specific advice and agreements for the business to be run properly.
There are a number of advisors, including consultants and solicitors that will be more than happy to take you money in turn for advice on franchising. This advice can sometimes be very objective and well thought out – but sometimes this franchising advice can be nothing more than your first step to disaster.
For a start, avoid stock franchise agreements. Cheap generic agreements at best mean you can end up wasting a small amount of money – at worse you can lose a lot more. Don't be caught out by thinking that you can reduce franchising costs with cheaper off-the-shelf agreements or consultancy from those that don't have the expertise.
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. There are advisors that are not bfa accredited that can offer similar standards, but you may find it difficult to know whether they are good enough or not.
Without making sure your business is set up properly or that you have the right legal documentation you run the risk of your franchisees not being able to gain finance from the banks. You will also certainly make the task a whole lot harder when trying to gain bfa membership to show that you are a proper ethical franchise, as your business will be open to a number of possible problems.
Take a few minutes to go through some of the franchising key facts and advice pieces on the bfa website. It will help you franchise your business better and with the confidence that you are spending your money correctly for your business.