Tuesday, October 11, 2016

10 Things to Consider if You Want to Franchise Your Business

Turning your business into a franchisable model is one way to contniue to grow your business empire. Are you considering franchising your business?

Cheryl White, Mercury Franchise Consultancy
Here are some top tips thanks to Cheryl White Director of Mercury Franchise Consultancy that can help you conduct a quick check to see if your business is ready to be franchised…

1. Master every aspect of your business: Create processes around every aspect of it, identify what will be required of new mangers and grow your current systems accordingly.

2. Can your business be franchised?
Not all businesses are suitable to franchise. Things to consider are, is your business profitable? Can it be replicated and how long has it been established?

3. Establish your brand: as a franchisor, you will be building a brand with a reputation that other people will want to buy into. You will need a brand that is distinctive and appropriate to franchise- this brand will need protecting.

4. Financing the franchise: ensure you have the correct financial support to franchise your business. You will need to take into consideration initial costs, marketing and growth and franchisee support.

5. Seek sound advice: be very careful to obtain good advice, both legal and any help you may look from in a franchise consultant. Getting your franchise set up correctly from the outset is vital. You will need to decide about your pricing, have a legal agreement drawn up and put together a comprehensive operations manual for your future franchisees.

6. Know how you want to grow: the idea of growth is appealing but a small business owner wants his or her company to scale at a reasonable rate- grow at the rate natural to your business.

7. Screen your franchisees: have in mind the “perfect” franchisee. They are going to be representing your brand so be sure to have a system in place to make sure they will take your company in the right direction.

8. Support: create a comprehensive, detailed support plan for your future franchisees.

9. Draw up: you will need a number of documents before you can franchise your business. These include legal documents, franchise prospectus, financial information and an operations manual. You r legal advice and franchise consultant will provide you with all relevant documentation, bespoke to your business.

10. Study: find out about the franchising process, what to expect from your advisors and what will be expected from you. Your franchise consultant should provide you with a contract of work and a timeframe for completion.

At a recent event Cheryl told us that looking back at her original business plan for her care agency her ambition when starting up was simply creating a quality business that would be a job for her and her mum Sue.  How the business grew really took her by surprise and so working with our team at The Women's Organisation Cheryl continued to get advice and guidance around managing the growth.  It is great to see how far she has come in that time, and impressive to see that Cheryl is now operating her second business born out of her own learning and development. 

If you are based in the Liverpool City Region (Liverpool, Sefton, Knowsley, Wirral, St Helens or Halton), working in a B2B sector and looking for support to grow your business, then contact our team to check your eligibility for specialist support through our New Markets 2 Programme on 0151 706 8111 or hello@thewo.org.uk.

If you would like to speak to Cheryl and the team at Mercury Franchise Consultancy to explore the idea of franchising a bit more then read about them below and get in touch.

About Mercury Franchise Consultancy

Cheryl told us "Mercury franchise consultancy helps businesses to franchise! Our business model is based around helping business owners to franchise their business, be involved in the process and understand how franchising works.  In 2013, we franchised our own home care business, Apollo Care, and realised that as well as needing the relevant documentation to franchise, business owners also needed bespoke support and planning that was relevant to their business model and potential franchisees. We decided that we would help people to franchise their business by looking at the business in a holistic, individual way that would be apparent through documentation and advice."
To find out more visit www.mercuryfranchise.co.uk

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