The business plan and business planning – words that strike terror onto the heart of many small business owners (and some big ones too!). Most people find this a bigger challenge that actually operating the business. The truth is you probably have most of the elements of the plan organised. Things like sales targets, budgets, marketing, production etc. Once you put these together in one cohesive document you have a business plan. Like any plan (say a house plan for example) you start with the end in mind. You need to plan how to get “there” so “there” needs to be well defined. If it’s not you won’t get there. Remember to make your goals holistic. It’s not all about the money – it’s about lifestyle as well – include...
Are you a potential Franchisee? Purchasing a Franchise can be a very positive step in running a business and having the additional security that goes with being a part of a Franchise business. However franchising isn’t for everyone. You need to satisfy yourself that the franchise that you are looking to purchase is suitable for you in terms of location, finance and passion. If you are not passionate about the type of franchise, just because it is a franchise doesn’t mean it will be successful for you. You need to ask yourself of the type of business suites your personality and your lifestyle. Can you work within the framework of the franchise and its systems? If the answer is yes then you may be a candidate for a franchise. Can...
Have you “Got What It Takes” There is no doubt that franchising is a good way to run a business. It has many attributes that make it appealing for both the Franchisor and the Franchisee. Like anything, there is more to franchising than meets the eye and it takes some effort and understanding to be a good franchisor. Franchising is not for everyone. It takes specific requirements and business Before considering becoming a Franchisor you need to evaluate yourself to see if you’ve “got what it takes”. You will need to be honest with yourself. Maybe you need to talk to another person to get a different perspective on things. Do you have what it takes to be a franchisor? Once you have committed to this path you bring many...
The Franchise Disclosure Document is one of the fundamental foundations of your franchise. Unfortunately – in some cases, the Franchising business model has been tainted by individuals seeking to make some quick money at the expense of others and in doing so have not only bought their own franchise into disrepute, but also Franchising in general. There are some very good franchising opportunities available, both to Franchisors looking to franchise their business and also Franchisees looking to purchase. In this case both the Franchisor and Franchisee need to be aware of the potential upside and downside of the franchise. Franchisors need to be very honest with potential buyers and Franchisees need to ask many questions to satisfy themselves that the franchise that they are looking to purchase is viable for...
Being a Franchisor and having a high level of Franchisee Management means not only running your own business, but looking after Franchisees as well. In many cases, Franchises grow to a stage where they employ specialist staff in roles that are focused on looking after and managing Franchisees. There are many benefits to managing Franchisees effectively. Obviously have a stable Franchisee base means a higher likelihood of stability and success in your franchise. Happy Franchisees, in many cases, buy other franchises and word spreads that your franchise is profitable. Like happy employees, happy Franchisees make management a great deal easier with fewer issues to deal with and a far better work environment. You will then be able to focus your energy on growing the business rather than putting out fires...
In any business, your franchise staff can make your business work or cause it crumble. They are at the front line, providing great (hopefully!) customer service, exposing your brand and your company values. Your franchise will get one opportunity to impress customers, and if your frontline staff can’t or won’t do it then you rarely get a second chance and all the discounting and service in the world won’t fix a first bad impression. Like anything, you need to be totally clear about your core values and the core reason why you have chosen to go down this path of Franchising. Once you have defined this, you will be able to select people that compliment your core values, not compete with it. The people you select need to reflect these...
Like it or not, your business and Franchise will rise and fall on the strength of your relationships – with your Customers, Franchisees and Suppliers – to name a few. Keeping thise good relationships is now fundamental to your Franchise. Franchises rely to varying degrees on outside supplier and wholesalers providing goods and services to the Franchise. Franchisees “buy” these relationships as part of their franchise contract with you. Even a Bakery which bakes fresh daily on the premises relies on external providers from delivery of ingredients to maintenance of equipment. Smart Franchisors and Franchisees concentrate on what they do best and rely on experts with complementary skills to support their business. No one can be all things to all men. You can’t do everything. Well chosen business suppliers provide great...
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...
Welcome to frankdocs.co.uk. We provide the best templates available to allow you to franchise your business. We have had a huge amount of experience in franchising, both as consultants, franchisees and franchisors. We have had good and bad experiences and have used this knowledge to put frankdocs.co.uk together. We’ve put the best franchise agreements, templates and systems together to ensure that you have a bullet proof system and documentation to make your franchise as successful as it can be. Gone are the days where you need to employ a lawyer or consultant thousands of Pounds to put legal documentation and manuals together. They normally have templates to work from…and guess where they get them… usually right here!! So you can do this yourself and save a great deal of money –...
