Have you ever considered franchising your business? Not every business is suitable for franchising and not every business owner is the right person to be a Franchisor.

Creating a system requires both an investment of finance and time and external professional direction. No business should proceed down the franchising path without a full analysis and awareness of their business.

Some Pre-Franchising FAQ’s

 Q. Can I put together my own franchising system?

•   Technically yes, providing you comply with The Franchising Code of Conduct and prepare the relevant documentation. Being mindful of not contravening the TPA which governs the code.

 Q. I think I know how much to charge franchisees. Can I make the decision about this?

•  As a Franchisor you have huge potential and scope to charge a wide range of fees. A franchise feasibility study  will provide insight into how and what to charge.

Q. Is creating a franchise system an expensive process?

•  Creating a franchise system responsibly is a lengthy process. None of our clients have ever complained about their investment after the process as they have seen how much work is involved.

            fp+ have an instalment plan in place which eases the process.

            It is common for the sale of the first franchise to cover the franchise costs.

 Q. I don’t know anything about franchising! How do I know if franchising is right for my business?

•  Firstly read as much as you can about franchising.
•  Secondly, the feasibility study is comprehensive and will provide clarity about whether you and your business are suited to franchising.

 Q. How long will it take to franchise my business?

•  After the feasibility study has been completed, it is usual for a 6 month process to be undertaken. During this time the system is created together with franchise documentation.

 Q. Do I need a lawyer?

•  Yes and it is imperative that a lawyer with franchising experience is used. Engage a franchising advisor who will work collaboratively and extensively with lawyers to create the full franchising complement.

© franchisingplus

http://franchisingplus.com.au

Author ; Carolyn Dufton Dip.Bus(franchising)

Carolyn is the principal of franchisingplus. franchisingplus is a franchising consultancy advising and mentoring on all aspects of franchising on a national and international basis.

The content displayed is franchisingplus copyright and can only be reproduced or re-published with the acknowledgement of the author Carolyn Dufton. www.franchisingplus.com.au/contact/