Are you thinking about franchising your business? Franchising is a way to create rapid business growth, but it won’t happen without a solid plan to sell franchises.
Selling Franchises Begins With Quality! Before you can expect anyone to buy into a franchise of your operation, you must make sure that your business offers the highest quality product or service possible. Entrepreneurs will want to buy your franchise for one reason – to make money. They will be looking for a quality product or service to offer.
You will also need quality personnel and a quality place of business. There is every chance that the entrepreneur interested in your franchise will first come to you as a customer. If he receives quality products and services and your place of business is always neat and clean, he will have a favorable impression of your franchise operation.
Finding Your Market! Your next step after making sure you have a quality operation to offer is to sell franchises. First, you’ll need to determine a price for your franchise. Your price should cover all of your costs in providing the franchise, as well as a profit. You must also determine the royalty amount you will earn from the sales each franchise makes. Typically, royalties run between five and ten percent of gross sales, but each franchise is different.
The next thing you need to do in order to sell franchises is determine your market. A good place to start is with employees who are already familiar with your business. Does your business have a manager or other senior employee who might be interested in owning a business? Some of your senior staff might make their wishes known to you at the time you tell them of your plan to sell franchises. If they have not, approach them with the idea. Let them know why you think they would be a prime candidate for business ownership.
You will also want to advertise your franchising opportunity. There are several publications and websites that will allow you to reach entrepreneurs seeking franchises. You can find them easily by doing an online search. One that offers free information on all types of franchises is pay me franchises dot com.
Putting Together Your Plan And Selling Franchises! You will need to work with investors, lawyers and bankers in order to put together a plan for selling franchises of your business. As a business person, you may already have a relationship with a banker and a lawyer. Approach these people first and let them know of your plan to franchise your business. They can prove very helpful to you and keep you from making costly mistakes.
You will also need to have many systems in place for making your franchises run smoothly. These systems include the daily operation of each franchise and the training and advancement of employees. These systems will be a part of your franchise plan and will need to be accessible to all franchisees so they will know how to operate the business. Selling franchises won’t be easy, but with a plan it can be profitable. And remember, the best kept secret of the 21st century is franchising.
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