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Franchising your business is the most efficient way to lower the risks of losing money while spreading the brand name using franchise software. Every successful business model is bound to be approached by satisfied customers and opportunist businessmen providing it the chance to expand its services to different places. For a successful business, franchising is the most practical model too.

So, let’s look into how can franchising be done

Step 1. Start by doing your research

Just like any other business venture, start franchising your business by conducting thorough research. Keep in mind that your goal is to attract both customers and potential franchisees. Conduct thorough research regarding the market you cater to and pick a franchising system that can be easily replicated and scaled. Also, plan the franchise fees and royalties that are to be charged from your franchisees.

Step 2. Gain a clear idea about your role as a franchisor

Prepare yourself for a major change of role when you plan to franchise your business. While as an owner you are only concerned with the nitty-gritty of your own business, as a franchisor you have to concern yourself with growing the franchise model, supporting your franchisees, and training them to replicate your business.

Step 3. Legal requirements

Take care of all the legal proceedings before you set up your franchise. Talk to your attorney for legal advice and make sure you have all the required documents. Your franchise attorney should have prior experience in the field.

Step 4. Hire a franchise consultant

Franchise consultants are experts in the field of business franchising and would guide you in every step. They would provide you professional tips and practical lessons at every step of your journey.

Step 5. Choose a franchise model for your business

One of the most important decisions to make while setting up a business franchise is to select the franchise model. This system can be chosen after you have decided on a few basic questions like how long is your franchise term going to be, what training program you plan to provide, how experienced do you want your franchisees to be, the kind of geographical area you want your franchisees to be located in, the target market, and the franchise fees and royalty percentage you want. Make these choices wisely to be able to set up an efficient system.

Step 6. Create an efficient system for Franchisees

Without an efficient franchise system, even if franchisees are interested, the transition process would become impossible. Ascertain the standards you expect from your franchisees, the experience you want them to have, and the minimum liquid assets they must have to join your franchise. Make sure you have an efficient system of processes and procedures that would make the transition smooth for the franchisees.

Step 7. Set up an efficient marketing strategy

As a franchisor, you have to market your franchise to potential franchisees as well as customers at the end of the chain. Therefore, bring effective changes in your existing marketing strategy to suit the new requirements. Also, make sure that your strategy is a well-researched and efficient one to serve the two-tiered market system.

Step 8. Hire staff to meet the changed needs

To set up a franchise you must have enough staff to tend to the needs of all the franchisees. The individual staff for each franchisee can be different and employed by the franchisees themselves, but you should hire someone to train the franchisees while incorporating them. This would help them in getting accustomed to your business model.

Step 9. It’s time to sell

After you are done preparing for your franchise model just collect the capital and start looking for possible franchisees. But don’t sell your franchise to anyone who can pay. Make a thorough background check and be sure that the franchisee can carry your brand name and sell your product or service. After the franchise has been started continue supporting the franchisee with time to time training and supervision.

Step 10. Franchise Management Software

After opening a franchise model, you must have a system that highlights the success stories of your franchisees, supports the needs of the local markets, keeps note of the brand consistency, and reduces the production time. All that can be easily done and monitored with a great franchise management software.

Go Ahead, Do It

Now that you have read all the steps you need to go through to build a successful franchise, you might feel very excited to expand your brand. But be cautious, opening a franchise model is nothing to be done in a hurry. Every step of building a franchise is very crucial and should be done with intense care.

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