The Franchising Process

Do you want to franchise your business? The franchise process isn’t necessarily quick, easy, or inexpensive, but it can be profitable, and we can reduce your time and expenses. How? By helping you put the systems into place that are attractive to potential buyers.

In a nutshell, here’s the franchise process.

 

Create A Successful, Profitable Business

Before you can begin the process of franchising your business concept, idea, or operation, you need to first establish a successful, profitable enterprise that can be duplicated by others in different locations or territories.

 

Legal Requirements

Next, you’ll need to prepare a Franchise Disclosure Document, which is required by the Federal Trade Commission (FTC). In addition to the federal requirements, many individual states also have further registration requirements that need to be met before you can offer franchises in those areas. This legal process requires the services of an experienced franchise attorney. You’ll also need to have a lawyer draw up a Franchise Agreement, the legal document that will govern you and the franchisees.

 

Accounting Requirements

Prepared, audited financial statements for your franchise company are required legally, so you’ll need to retain an experienced franchise accountant.

 

Documentation Of Your Systems, Processes, and Procedures

The true value of any franchise lies in the systems that led to the success of the original business. You’ll need to document everything, and the better the documentation and operations manuals, the higher the value of what you’re selling.  With robust, professional manuals and training programs, you’ll be able to take what’s in your head and convey it to franchisees, who will be relying on your experience and expertise to guarantee their success. This phase of franchising can be arduous and expensive, taking months (or even years) and costing tens of thousands of dollars if you go it alone. But you don’t have to tackle it on your own. At Power Training & Development, we’ve designed templates for operations manuals and training programs that you can quickly and easily customize to match your operations.

 

Sell Your First Franchise

Once you’ve met all of the legal and accounting requirements, and have all of your documentation, operations manuals, and training programs completed, you’re ready to sell your first franchise. In your first franchisee, look for someone who’s a good fit for your company and is financially capable, ambitious, and committed.

 

Get Your First Franchise Up And Running

Getting the first franchise up and running is a matter of proper training and supervision to ensure profitability, quality, and uniformity.

 

Sell More Franchises

Once you’ve worked out the kinks with your first franchise, you simply repeat the process. Research other successful locations and territories and open them at a pace that allows you to effectively support the new growth.

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