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Franchising your business

How to franchise your business

11.11.07  
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If you own a business that you think might be a potential franchise, there are some important steps to consider.

Have a system
First, you need to have a proven system for producing your product or service, and be able to document this system so someone else can follow it. It’s also crucial to trademark any brand names and register patents for intellectual property that can be patented. This protects your intellectual capital and your brand.

Standardisation
Then, you need to be able to standardise any equipment needed to produce your product or service. For example, if you operate a hair salon franchise, you need to have available standard scissors, blow dryers and basins that franchisees can purchase. You also need to have the financial backing to purchase the equipment prior to it being bought by the franchisee.

You also need to develop systems and procedures to provide ongoing support for your franchisees. This might mean developing marketing guides and materials to support your brand.

Specialist advice
If you are considering offering your business as a franchise opportunity for others, you also need to seek specialist legal and financial advice to ensure you have the ongoing resources to support your potential franchisees and to ensure you are protected as well.

It’s important to work with professionals who are specialists in the franchise area to ensure you receive the right advice.


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