The crazy truth is that your business, which you built from late nights and half-cold coffee, has fans. Now you can’t wait to see it grow in cities whose names you can’t even say “how to franchise a business?”. Franchising looks like a golden ticket, but the road isn’t straight at all.
What comes first? Take out your magnifying glass. You should be a little suspicious about your business. Is what you give anything that people who don’t know you will want? A successful franchise isn’t just a great sign on someone else’s door; it’s a process that anyone can follow without making mistakes. Make sure you know exactly what others need to do and where they can put their own twist on things.
You can’t make chaos into a franchise. Think of your operations handbook as the big onion of your firm. You should take off the layers and write down everything. And I mean all of it. How do you season the fries so they go away in a flash? Which supplier always comes through for you, except when there’s a blizzard? Write it down like you’re telling family secrets.
The law may make your mind spin. You will require an FDD, or franchise disclosure form. This isn’t a form you can put together in a single afternoon. A lawyer who knows a lot about franchises will help you out. Without this, you’re just making a sandcastle at high tide.
Money speaks. Can your business strategy handle additional store and still make money? Take a hard look at your money. whether your margins are tight, add in franchise fees and determine whether that still makes sense. If you don’t do this, you’ll wish you had more than a wet sandwich.
Now it’s time to find the appropriate folks. Not everyone is a good fit. Some people will want a “money machine” that is easy to use. You want partners who care about your business as much as you do, don’t take shortcuts, and think about the long term. Some people will wow you in interviews, but believe your gut.
Once you sign their contracts, get ready to practice hard. You will need to teach them how to sell your goods, win over clients, and avoid problems. The complete circus: video calls, manuals, shadowing, and more. If people learn by doing, let them; if they learn by watching, show off your best magic acts.
Your labor isn’t done even after they open for business. You are not only the coach; you are the quarterback. Support is like air. Check in on them, help them grow, and keep an eye out for warning signs before they turn into fire alarms.
Franchising your business is a crazy mix of science, art, and sometimes taking a leap of faith. But if you have determination, patience, and a sense of humor, your business will grow like crazy—without the fire.