Starting a business from the ground up is difficult. Not only do you have to create a solid business plan but you also have to implement new processes to make sure your company can grow for years to come. Once you do and you have proven success in your field, turning your company into a franchise is a great way to help other would-be business owners take control of their futures. Here are a few tips to help you make the transition from local business to national phenomenon easily.
Get Your Resources Together
The biggest benefit that established companies can offer franchisees is access to the resources that made them successful in the first place. This helps make each location consistent and ensures that customer experiences will be the same no matter what location they go to. Before your first franchisee buys in, compile your business resources. This should include things like a list of preferred vendors, approved marketing materials, color schemes and guidelines for your brand. For best results, make these resources digital so all owners can access them easily and you can update them as changes happen.
Standardize Accounting Efforts
Every business owner has their own accounting and bookkeeping process. This is fine when you’re operating single locations but it’s tough when you’re dealing with a franchised brand. Take the time to create a standard process for all future franchisees to follow. When everyone operates in the same way, it’s easier for you to help newer locations troubleshoot and identify solutions that will help turn things around.
Speak With an Attorney
Creating a single location for a business is simple but making sure you’re in legal compliance for every location that a franchisee wants to open in isn’t. You need to speak with an attorney before you start offering franchises in the first place. They’ll be able to review your company’s information, processes and requirements to make sure you’re legal in every state that you want to be in. They’ll also be able to oversee the creation of contracts so all franchise owners will be on the same page and held to the same standard.
The most important thing you can do when turning your company into a franchised brand is to proceed with caution. Only expand if you’re sure you can make it work and are willing to support new owners in their efforts. It’s okay if you need to slow down or want to shift focus to opening additional locations rather than working with franchisees.
Keep these tips in mind and you’ll be able to create a franchise without hurting your business’s future or reputation. Remember, it’s still your brand and its success is in your hands.