In step 2 of this 10 Steps if Thinking of Franchising Your business guide we consider the what, how, how much, where, and when building blocks of a franchise.
If you are satisfied you have a tried and tested business which can be packaged, delivered, serviced and monitored within a franchise format then your next step is to map out a business plan.
Developing a workable, well considered business, financial and marketing plan with realistic short, medium and long term goals will give critical steer to drive the franchise business in the right direction, in tandem with your core business, and map out objectives and workable milestones.
Financial projections will force you to think through franchise set up costs including cost of management staff to service and monitor the franchise network (and/or your time away from the core business), the cost of marketing the franchise and the cost of systems and staff to deal with franchise enquiries.
Formulating the business plan will also force you to think through how and whether franchising will facilitate growth of your business and how you might use franchise fees (after deduction of costs of running a franchise network) to further develop the business. It will help you begin the process of formulating the ‘offering’ namely the business format and ongoing support you will provide to franchisees in return for franchise fees.
In short: know what to grow, how, how much, where, and when.
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