1. Make sure your own business is successful before looking to franchise
Franchising is not the path to salvation for an ailing or struggling business – you need to show profitability and stability in your core business before asking other people to invest in your expansion. Franchising should be a route towards expansion for an established, successful business looking to grow a network. You cannot franchise an idea – you need to have a tried and tested concept to offer prospective franchisees.
2. Replicate your business
Opening a second outlet, or another branch will show that your business does not depend on your full time involvement for its survival. It will help you to show that your business can be successfully replicated.
3. Take good advice
Talk to the British Franchise Association (bfa) about joining, use bfa affiliated advisors who specialise in franchising – they will be able to help you avoid the pitfalls others have already experienced. Consider attending one of the bfa seminars for prospective franchisors – dates, venues and costs can be found on their website www.thebfa.org
4. Do some careful planning… read full article.