Franchising your business
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![Page 1: Franchising your business](https://reader036.fdocuments.us/reader036/viewer/2022081414/54b5d0174a79595d338b4591/html5/thumbnails/1.jpg)
FRANCHISING YOUR BUSINESSAre you ready for franchising?
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IS YOUR BUSINESS READY FOR FRANCHISING?
Is it possible to franchise a non-
existent business or a
seemingly sound business
purely on paper?
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IS YOUR BUSINESS READY FOR FRANCHISING?
Your business should have at least
one (1) unit operating
successfully and profitably.
However, it is preferable that your business has 3 or 4 units, or a coverage
of a substantial population or
territory.
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IS YOUR BUSINESS READY FOR FRANCHISING?
You should have a registerable
trademark for your business.
If you sell a product, you must register a
trademark; if you sell a service, you
register a service mark.
This is essential since your goal is to have
an identifiable brand.
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IS YOUR BUSINESS READY FOR FRANCHISING?
The business should have a long-
term market potential.
Try to make a reasonable
assessment that the business
product or service will be in demand
for at least the next 5-10 years
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IS YOUR BUSINESS READY FOR FRANCHISING?
The operation of the business must
be teachable.
Franchisees may have no prior
knowledge of the business. Many businesses are
not transferable to others.
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IS YOUR BUSINESS READY FOR FRANCHISING?
The business owner should be sufficiently
capitalized.
Expenses for legal & consulting fees, formulation &
implementation of training programs, standard operating
manuals, and additional hiring of employees will
be incurred.
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If people have been inquiring about buying a
franchise of your quality product or
service, this is a good indication of the start of a
franchisable system.
JUST HOW DO WE KNOW…
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13 Steps to Franchising your Business
1. Develop a Franchise Business Plan
2. Register your Trademark/s or Service mark/s
3. Retain a Franchise Attorney
4. Prepare your information for your legal documents
5. Develop your franchise documents
6. Professionalize your identity and establish a consistent look
7. Plan your advertising strategy
8. Standardize and document your operating procedures
9. Develop a comprehensive program to train franchise managers and employees.
10. Develop a team for opening new franchise stores
11. Develop and implement a detailed plan to your franchises
12. Help franchisees with site selection
13. Support and monitor your franchisees
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Criteria for Franchisee Selection
Overall Business Experience
Financial Qualification
Proven Track Record
Entrepreneurial Spirit
Agreeing with the Franchiser’s Philosophy and Values
Willingness for full-time to operations
Willingness to relocate
Successful Completion of Training
Long-Term Commitment
Understanding the Concept of Franchising
Willingness to Work with People
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BUSINESS ETHICS
A business that makes nothing but
money is a poor kind of business.
- Henry Ford -
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1. The most important lesson that I have learned in this class is . . .
2. I wish we dwelt more with the topic on . . .
3. This class could be improved by . . .
4. My teacher is . . .
FINAL REFLECTION
THANK YOU VERY MUCH FOR A FRUITFUL LEARNING EXPERIENCE