In this next series of posts, we’ll outline the factors that you need to be mindful of when you’re franchising….Building a Foundation for your Franchise.
To a very large degree you are selling your system and everything that goes with it. Put simply: franchise buyers want the formula of your business and are prepared to pay for it. If anyone wanted to start a business from scratch, they would not be purchasing a Franchise. The major reason for their decision has been that they believe they are purchasing a business that is tried and tested and already has a successful formula.
Your role now, as the Franchisor, is to deliver and support the system and provide sound business systems for any new Franchisee to follow. And remember that any good system needs to be people independent, self-explanatory, logical and easy to follow. It is a “recipe” which, followed correctly, will produce another equally successful version of your original Franchise Business. In essence you are developing a ‘how to’ manual which describes in detail every step of your business from set up to the current situation.
Approach this with the attitude that your franchisees know nothing about your business and running a business. Don’t make any assumptions. Franchisees may come from a different industry, will have different levels of experience and may even come from a different culture. Keep all of your documentation simple, uncomplicated and well presented. Remember there was a time when you didn’t know all the “industry speak” and jargon.
Get input from other people about your documentation. Ask someone from an unrelated industry to go over your documentation and see if they can understand it. Consider their feedback and make any necessary alterations before releasing your documentation. Your documentation is the cornerstone of your franchise.
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