Is Your Business Ready for Franchising?
Franchisability – the ability for a business to expand into a franchise system.
This is a condensed version of an article originally posted on this site.
At its historical core – franchising is a method of distributing products or services. Today, business format franchising is predominately the franchise expansion method utilized by companies seeking to expand through franchising. …
6 questions to help you determine your business franchisability:
- Does Your Business Produce Profits?
- Do You Have a Successful Operating Prototype?
- Can the Knowledge be Transferred?
- Is Your Business a Trend-Setter?
- Can Your Business be Scaled?
- Do You Have The Financial Means?
The 3 Phases of Creating a Franchise System
Phase 1 – Blueprinting Your Franchise Brand
A strategic franchise plan, (brand blueprint) is the most important step in building a new franchise company and it should not be rushed. Much like building a house; you wouldn’t start nailing things together until you had a drawing of what it will look like when it is finished. A franchise plan provides you the vision of what your brand will look like when it is done, and what it will take to grow it. …
Phase 2 – Initial Concept Creation and Development
… The following list represents many of the items that must be addressed and complete prior to launching your new franchise system.
- Franchise Operations & Other Required Manuals
- New Franchisee Training Agenda & Materials
- Determining Legal Counsel (FDD & Trademark Filing)
- Franchise Disclosure Document (FDD)
- Franchisee Support Systems
- Franchisee Intranet & Communications
- Store/Unit Information Systems (POS)
- Real Estate Selection
- Suppliers & Purchasing
- Construction Plans & Options
- Store Signage
- Store Load Out & Merchandising
- Websites, eCommerce, & Internet Marketing Strategies
- Quality Assurance
- Franchisee Field Support
- Franchisee Marketing & Advertising
- Public Relations
- New Franchisee Marketing Materials
- Franchise Compliance & Policies
- Franchisee Relations & Policies
- New Franchisee Profile
- Internal Staff Franchise Training
- System Metrics & Management
- New Franchisee Recruiting Process
Note: Core franchising elements listed only.
Phase 3 – Initial Growing of the System
… Franchise development has become a science and to avoid this problem – we will work with you to blueprint a strong Recruiting Program Strategy:
- Creation of New Franchisee Profile
- Understanding Your Brand DNA (value proposition) and Creation of a Recruiting Blueprint
- Determine Media Sources
- Creation of a Great Franchise Website
- Create Social Media Integration
- Creation of all Recruiting Marketing Materials
- Develop a Lead Qualification Procedure
- Creation of In-Store Brand Discovery Presentation and Materials
- Provide New Dealer Recruiting Training for Staff
- Determine Recruiting Metrics and Pipeline Management
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