A Guideline to Franchising

Within context, when a franchisor franchises a business, you are granting franchisees the license and right to open new franchise locations that duplicate your business model, use your trademarks, and benefit from your training, business systems, and on-going support. In turn, franchisees pay an initial franchise fees, on-going royalty fees, and will work to secure, open, and manage new franchise locations that will increase the overall system sales. Franchise Administration will provide a guideline to franchising for you to learn what it means to franchise a business, with key tips on how to franchise your business and the steps involved.

Like every profitable business decision, franchising and the decision to franchise your business needs to align with your long-term goals. As a business owner, when you franchise your business you are starting a new journey of learning franchising, entering the franchise industry, and building an organisation that, in time, will be training, supporting, and helping future franchises to succeed.

To ascertain whether you are personally ready to start franchising, you need to be able to answer the questions below:

Do you have the right skills as an entrepreneur to run a new business, even if a franchisor has done much of the work for you already?
What are your passions in life? How can you ensure they remain in the nature of the work in your new franchise?
What are your personal strengths and weaknesses that will affect the success of your new business?
How can you use your strengths to deal with your weaknesses?
Are your personal finances in shape?
What attention do they need now to prepare for getting even more funding to operate your new franchise?