You probably went into business for yourself for a number of reasons. Perhaps you got tired of working hard for an uncaring corporation. Or maybe you wanted more control over your time, your money, and your professional life in general. You were likely keen to become your own boss, at the very least. Of course, you were probably also interested in something a little more challenging and rewarding than your average desk-jockey, workaday occupation. And owning and operating your own business hits on all cylinders. But if you’ve been at it for a while and you’ve enjoy greater success than you ever imagined, you’re probably looking for ways to take your professional undertaking to the next level. And turning your company into a franchise could be just the opportunity you’re looking for to expand, increase revenue, and tackle a new challenge. Here are a few broad strokes to prepare you for the process.
There are several major tasks you’ll need to accomplish before you can start selling franchises. And you’ll probably want to begin with a financial analysis. It’s essential that you understand the expenses associated with changing your business model, as well as setting up and supporting franchise operations. But you also want to perform the research necessary to forecast the additional earnings you stand to bring in as a result of your efforts. You need to make sure there is adequate interest and that you will earn enough profit to offset your expenditure, and then some. Just like when you started your business, you need to create a financial plan to see you through the first several years of transition.
Next, you’ll want to start developing the systems on which your franchise business will be built, and there are all kinds of materials you’ll need to create for those who purchase a franchise from you. It can be difficult to figure it all out on your own, so hiring a qualified and experienced consultant to help you is probably smart. From there, you can begin to create standards and practices, company policies, operations manuals, hiring criteria, training manuals, product lists, supply chains, and basically all of the documentation that details how franchises should be managed. You’ll also want to think about the support services you plan to provide, such as mentoring or at least marketing materials.
Don’t forget, you’ll also have a number of legal concerns to attend to, so hiring an attorney that is familiar with franchise law is your next move. This professional can help you to create appropriate legal documents, including the all-important contract that franchisees will sign, as well as protect your ongoing interest. And of course, you have to find people to buy your business franchise, which requires you to create a proposal and a pitch for prospective buyers, attend every franchise expo in your area, and set up guidelines for selecting the type of owner that you want to represent your brand. A lot of work goes into transforming your business into a franchise, but if you take your time and do it right it could end up being a very lucrative step forward.