When we talk with business owners, many times they have questions regarding what they should be evaluating and thinking about when they are planning on franchising. This 5 part article is designed to focus the business owner on whether they can or should franchise, and if so, what they need to be working on to get ready. Franchising is not a business tool that you can turn on high and be on your way, it takes scrutinization of your business as well as strategic planning well in advance of implementation.
1. Do the Checklist
The first step is to evaluate your business. You need to complete a brand checklist to determine whether or not your business is franchisable. Some issues to be considered for a checklist are:
Return on Investment
For a complete and detailed checklist, please visit our website at www.sla.law and read our article titled “Can it become a brand?”, which discusses your need to scrutinize your businesses’ financial security, reliability, pricing, teachability, management, differentiation, flexibility, the industry conditions, return on investment, and your commitment level to the franchisees.
Stay tuned later this week for Part 2 of our Advice for Future Franchisors series, and always remember that if you would like to contact our offices to discuss franchising, we can be reached in our Tampa, Florida office at 813-625-9590 or our Austin, Texas office at 512-535-0090.