Franchise consultants, Sherpa group suggest the following 10 tips for new franchisors.
1. Be the Best
If you’re thinking about franchising you should be the best in your field. So when you have lines going round the block every day, it is then that you are probably ready to think about franchising. You’re probably not the one if competitors have lines going round the block and you don’t.
2. Be Unique
Have something that is new, different, exciting or unique that means your business systems are better than the competition. Franchisees will want to buy that. Another pizza shop with “organic” olives on their Supreme won’t cut it.
3. Be Courageous
Be willing to learn it all again. You need to be willing to risk everything again (after you have probably just got yourself some breathing room) and teach yourself all about franchising and what it takes to make it.
4. Be humble enough to copy
Try looking at what other successful franchises are doing and see if it would work for you. And if it would, then try it.
5. Be creative
Come up with an amazing franchise business model that will sell you lots of franchises.
6. Be confident
Look through the Franchising magazines for their articles that advise franchisee applicants on “How to Find the Right Franchise?”, and see if you could meet those requirements?
7. Be financially viable
Have 3 times the amount of money you think you will need to franchise or grow your business.
8. Be patient
Expect things to take at least 3 times as long as you think they will to grow your business.
9. Be prepared
Have a back-up plan if you are no good at franchising or you don’t sell enough franchises?
10. Be willing to use advisors
If you can’t find a successful franchisor to mentor you then get some great advisors to guide you through the process.