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Can the business model be easily shown? There is number point in having a lucrative home based business if it can maybe not be copied by your franchisees. An exercise package must b...
The first step in franchising your business opportunity is always to begin by studying your business model. Could it be worthwhile after permitting your franchise fees? If it's profitable and has well defined objectives to use the possibilities in the market place then you are ready to go to next step.
Could the business model be easily trained? There's number point in having a lucrative home based business if it could maybe not be duplicated by your franchisees. A training package should be devised that assumes that the franchisee has no previous business experience.
Step three is always to produce a detailed and well laid out operators manual. This would be split into two parts: one section for the franchisee and one section for the workers of the franchisee.
Step four would be to choose the first franchise fee and the ongoing royalty payments. In the early stages of starting the company franchise, the franchise fee will have to be held at a really low level to encourage the first group of franchisees. Once you've some franchisees working successfully then you will manage to raise the initial payment.
Stage five would be to develop a continuing support system for the franchisees. Some will require more support than others. A couple of will be needing more training. You'll need to choose at this time who is planning to actually perform it. Many franchisors outsource the training element to an experienced training company. Which means that they can focus on the critical part of working and managing the business.
Stage six is to devise your franchise agreement with the aid of a significant franchise attorney. There's no point in cutting prices as this will end up being the basis of your home based business.
Step eight is to create all the marketing material including brochures and video displays to market your franchises. You will also need certainly to choose where you're planning to market your business opportunity. Nowadays there are a variety of mediums where you could promote your franchise including franchise shows, franchise publications and franchise web sites. Many businesses even market their business providing in the national press.
Keep in mind that the aforementioned actions will undoubtedly be under constant development while the franchise system grows. All of the marketing material, continuous support and training will have to be produced as weaknesses are found.
A number of the franchisees will have to be treated like kids as they will never have maintained a small business before. Not just will you have to teach them how to mange your operation in some cases you'll have to also educate them into how to use a computer and simple accounting skills.
Eventually, a method will need to be created to deal with franchisees which are deemed inappropriate when they started managing their business. Irrespective of how complete the recruiting process is, it will be very difficult to weed out most of the unsuitable candidates until they actually begin running their business.
Providing complete continuous service, training them properly in most your systems and discovering the right franchisees should reduce steadily the numbers who find yourself failing as business owners. site
