If you are wondering “how do I franchise my small business” you came to the right place! Franchise Beacon’s team of experienced franchise professionals bring years of experience to the table, and can help you turn your business into a franchise. We have helped launch several franchise brands including The File Depot, Play N Trade Video Games, The Edge Boardshop, Club Tabby, Guard Now, and several others.
The first question we will help you answer is “should I franchise my small business”? Franchising is right for some small businesses, but not all. To determine if your business is right for franchising, you have to determine if you business model that is already working and proven, if it is attractive to new franchisees, and if it is scalable; can it run without you? Some concepts only work because of a unique combination of the owner, location, and reputation. While this may make a very successful business, it won’t make a successful franchise. What makes a successful franchise is a business that is “cloneable”; I.E. you train a person with basic business acumen to run your business model in most markets and make money.
If we mutually decide it is appropriate to franchise your business, our experience launching retail franchises and service franchises, as well as our executive’s experience as small business owners, franchisees, and franchisors gives us a unique ability to understand your business from the bottom up. We will assist you in developing your franchise program to accurately reflect your business model and protect your brand assets. In order to develop your franchise program, we must answer the following questions:
- What does the competitive landscape look like, and how does your concept differentiate itself?
- What kind of franchise structure do you offer?
- Do you give a protected territory? If so, how big?
- Is there a time-to-open requirement?
- What about ecommerce (if applicable)?
- What is the profile of the right franchisee for your system?
- What will the brand strategy be? Will it shift now that you are a franchisor?
- What role will technology play in the business?
- What site location assistance will you offer? Will it be on-site or virtual?
- What training requirements will you have? Who has to be trained?
- Do you require a hands-on owner?
- What ongoing operational assistance will you offer?
If you are wondering how to write a Franchise Disclosure Document, what items go in the FDD, how to craft your item 1 to best present your business, or whether you should provide an Item 19 financial performance representation (“FPR” or “earnings claim”), we can help you! We don’t give you a Franchise Disclosure Document template; we help you carefully craft each Item in your FDD to articulate the offering that you want to make and to protect your brand integrity and image.
Most franchisor Operations Manuals are 300-500+ pages of content that determines if and how your brand is protected, so one of the most daunting questions that face small business owners that want to franchise is how to write an Operations Manual for a franchise. The Operations Manual is the living document that allows you, the franchisor, to react to industry changes, economic changes, or morphing needs of your customers. We will help you write a detailed Operations Manual that deals correctly with such subjects as:
- Entity Creation
- Insurance requirements
- Site Selection
- Grand Opening Marketing
- Human Resources
- Sales Training
- Franchisee Exit Strategy
- And many others
To learn more about how we can assist you in becoming a franchisor or, please contact us!