Franchisability – Is Your Business Ready to Franchise?

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:

  1. Does Your Business Produce Profits?
  2. Do You Have a Successful Operating Prototype?
  3. Can the Knowledge be Transferred?
  4. Is Your Business a Trend-Setter?
  5. Can Your Business be Scaled?
  6. 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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Posted in Franchise Basics, Franchise News.