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I want to franchise my business. What are the first steps I will need to take?
Louise Harris writes:
This question is one that many have explored and much has been written on the subject. To summarise it all I’ve tried to give you the headline information.
I recommend that you thoroughly research, starting with the British Franchise Association website, and consider attending one of their courses. A good franchise consultant will also guide you through the process of initial assessment and ultimately create a plan to franchise. It may feel expensive to take this route, but it will increase your chance of success, with less trial and error.
It is critical to understand what franchising is – the legal aspects, relationships and the challenges. It is a full-time business in it’s own right – many fail to launch as franchises because they don’t have the key resources: money and time.
Consider first whether your business can be replicated; are your own systems in place, and is it a well-run, financially viable business that has any form of unique intellectual property (a brand, product or methodology)? A yes to these questions is a good start.
It’s important to know that it is not ‘easy’ but it can be a very successful route to expansion. Just make sure you’re fully informed, since ‘franchising’ will be your new business.
Louise Harris has been in franchising since 2006 and has been both franchisee and franchisor. She runs Franchise Projects, completing critical tasks for franchised businesses.
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Third party sources
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