{"id":3744,"date":"2018-12-13T15:33:23","date_gmt":"2018-12-13T13:33:23","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=3744"},"modified":"2021-08-22T14:03:38","modified_gmt":"2021-08-22T11:03:38","slug":"how-to-franchise-your-business","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/how-to-franchise-your-business\/","title":{"rendered":"How to Franchise Your Business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Your business is running, no, it\u2019s sprinting and you\u2019ve realized that you might actually be onto something here. Your business model has been tweaked and fine-tuned into a successful model that you know works. You want to play with the big boys now and you\u2019re thinking about taking the next leap &#8211; franchising your business. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">If you have a small successful business that you feel could do just as well in the town next door, then franchising may be one of the best ways to go. And if you plan it just right, you may well be on your way to dominating the market &#8211; aim high!<\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">Here, we\u2019ve brought some top tips on how to franchise your business the <\/span><i><span style=\"font-weight: 400;\">smart <\/span><\/i><span style=\"font-weight: 400;\">way.<\/span><\/p>\n<\/p>\n<blockquote>\n<h2 style=\"text-align: center;\">Quick Jump To&#8230;<\/h2>\n<p><a href=\"#diff\">Difference between a chain and a franchise<\/a><br \/>\n<a href=\"#is-franch\">Is franchising right for my company?<\/a><br \/>\n<a href=\"#how-much\">How much does it cost to franchise your business?<\/a><br \/>\n<a href=\"#need-help\">Need help covering the initial franchise fees?<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400;\">What\u2019s the difference between a business and a franchise?<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400;\">Most franchises are actually \u2018small businesses\u2019 but it\u2019s important not to get the two mixed up. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">A \u2018small business\u2019 is any form of product or service that is exchanged for money or other goods and services. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">A franchise on the other hand, is a business whereby the owners, also known as the \u201cfranchisers\u201d are granted by either a company or the government to sell the rights to their business to third-party outlets &#8211; the \u201cfranchisees\u201d. This enables the franchisees to carry out the business\u2019s activities in another location.<br \/>\n<\/span><\/p>\n<\/p>\n<p><b>A franchisor will need to provide to the franchisee it\u2019s:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Trade name<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Products and services<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The entire system and know-how for operating the business<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Franchises are everywhere you turn, think about McDonald&#8217;s, UPS and Subway, you know when you walk in there what to expect no matter where you are in the world. Their business model is successful and familiar which means the franchisee has the security of knowing that the business model works <\/span><i><span style=\"font-weight: 400;\">before <\/span><\/i><span style=\"font-weight: 400;\">starting.<\/span><\/p>\n<\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"diff\"><\/a>What\u2019s the difference between a chain and a franchise?<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\nThere\u2019s one main difference between a chain and franchise. In a chain, there is one parent company that owns all of the locations and handles the management of the entire business. In a franchise, however, independent owners will operate the individual stores.<\/span><\/p>\n<\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"is-franch\"><\/a>Is franchising right for my company?<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400;\">Before we get to the tips of franchising, you may now be wondering if franchising is right for your business, or maybe even a chain would be better off. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s no crystal ball to look into the future and see if franchising is the right move, though we certainly wish there was! The only way you can really know if franchising your business is the right move is by sitting down with a franchise attorney, consultant, or perhaps someone you personally know who has franchised their business already. <\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">Major benefits of franchising:<\/span><\/h3>\n<ol>\n<li style=\"font-weight: 400;\"><b>Capital expansion <\/b><span style=\"font-weight: 400;\">&#8211; franchisees will pay to buy outlets meaning you can grow your number of locations without actually using much of your own capital. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Just a pinch of growth risk<\/b><span style=\"font-weight: 400;\"> &#8211; franchising your business will have minimal growth risk with very high financial returns. If you were to have a chain, you would need to take on far more risk whereas, with franchising, you put very little money into adding more and more locations. You may be looking at getting higher returns from franchising than if you were to open a chain and run it yourself. <\/span><\/li>\n<\/ol>\n<h3><span style=\"font-weight: 400;\">Disadvantages of franchising:<\/span><\/h3>\n<ol>\n<li style=\"font-weight: 400;\"><b>Less control <\/b><span style=\"font-weight: 400;\">&#8211; franchising may not be the best idea for the control freaks among you. You can\u2019t tell a franchisee to do it your way as you can with your own employees. Each branch has its own independent business owner which could lead to some conflict down the line. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Flexibility challenges<\/b><span style=\"font-weight: 400;\"> &#8211; if you come up with a new idea (product or service), you\u2019d have to make sure your franchisees are also onboard which could make it more difficult to make your business grow or keep up with the market. You\u2019d have to negotiate with them to make sure they accept whatever it is you want to introduce. Having this in writing before starting is therefore ideal. <\/span><\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"size-large wp-image-3747 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/12\/iStock-814986358-1-1024x683.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/12\/iStock-814986358-1.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/12\/iStock-814986358-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/12\/iStock-814986358-1-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/12\/iStock-814986358-1-405x270.jpg 405w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">How to franchise your business:<\/span><\/h2>\n<\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ve looked at the pros and cons and decided that going from a business to franchise could be a good option for your business but now you\u2019re wondering exactly <\/span><i><span style=\"font-weight: 400;\">how <\/span><\/i><span style=\"font-weight: 400;\">to franchise business operations and get the process started\u2026<\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">Here are a few tips to get you through this transition phase<\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">1. Make your business\u2019s holy bible<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Before you even get the process started, you\u2019ll need to make sure you\u2019re organized. Franchisees will need to know how your business operates to make their store just as successful as yours. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">For this, you\u2019ll need to write up your business\u2019s holy bible, that is, a manual detailing the operations of your business to hand over to franchisees and get them started. This will need to be detailed with your policies, best practices etc. Even if you don\u2019t decide to franchise in the end, this manual will surely be useful in the future. <\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">2. Get yourself a good attorney <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is not a question. You will need an expert franchise attorney during the process. Here you\u2019ll need to fill out a variety of documents with your attorney including a franchise <\/span><a href=\"https:\/\/www.ftc.gov\/tips-advice\/business-center\/guidance\/amended-franchise-rule-faqs\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">disclosure document <\/span><\/a><span style=\"font-weight: 400;\">(for those in the US). This may seem like a lot of paperwork and a slightly daunting process, but armed with a good franchise attorney, he or she will walk you through the steps. <\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">3. Carefully select franchisees<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Of course, everyone wants to make sure that their franchisees are at the top of their game, after all, this person is representing YOU, but it\u2019s also important that you get along with the person. You don\u2019t have to be best buds, but you\u2019ll need to be able to do business with him or her effectively, without World War III breaking out. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">Your franchisees should have demonstrated in the past that they are capable of running a business, hopefully, love your brand, and be reasonable. Make a check-list of qualities you\u2019re looking for and do not settle. This is your business\u2019s reputation on the line! <\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">4. Location, location, location<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Where exactly are you planning on opening up your mini-mes? Down the road? Center of town? The next town? The next state? <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">Consider opening up your first franchise a little close to home so that people will hopefully recognize it, but also not too close &#8211; you don\u2019t want it to harm your sales at the mother location. Then as you expand, work your way out. Keep in mind that you\u2019ll likely want to keep an eye on these locations so try and make sure they are accessible before opening a shop in the middle of the desert. <\/span><\/p>\n<\/p>\n<h3><span style=\"font-weight: 400;\">5. Be there for your franchisees<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The key in this is communication. Don\u2019t let their calls go to voicemail or leaving them hanging for more than 24 hours. Take those calls and show support, let them know you are there for them and are happy to help in anyway. After all, their success is also yours. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">You may also want to set up a way that your franchisees can communicate with one another. <\/span><\/p>\n<\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"how-much\"><\/a>How much does it cost to franchise your business?<\/span><\/h2>\n<\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">The most expensive part of the franchising process is right at the very beginning &#8211; when all the legal documents need taking care of and the franchisees need training and assistance in setting up. <\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">How long is a piece of string? Giving a general figure for how much it will cost to go from business to franchise is a bit like asking how long a piece of string is. It really depends on the business and the decisions you take. Costs will include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Trademarking <\/b><span style=\"font-weight: 400;\">&#8211; this is something you may or may not have already done <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Operations manual <\/b><span style=\"font-weight: 400;\">&#8211; the \u2018business bible\u2019 we spoke of earlier needs to be created. Creating it in-house is significantly cheaper than an outside development firm.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Legal fees<\/b><span style=\"font-weight: 400;\"> &#8211; this is the nasty one. Your contract and franchise disclosure document won\u2019t come cheap and the documents could reach pages in the hundreds. The entire cost could set you back $20,000-$30,000. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Franchise registration legal fees <\/b><span style=\"font-weight: 400;\">&#8211; A national filing will cost around $6,000 for the initial fees though there may be more to come for added legal fees over the course of the process which can vary. Staying closer to home will work out far cheaper than going national. We advise taking on region by region. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Accountant fees for an audit<\/b><span style=\"font-weight: 400;\"> &#8211; this varies greatly and will cost anywhere between $4,000 to $15,000. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Recruitment fees for franchisees <\/b><span style=\"font-weight: 400;\">&#8211; this is totally up to you how much you\u2019re willing to spend and could even do this in-house. <\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><a id=\"need-help\"><\/a>Need help covering the initial franchise fees?<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400;\">For those that are set on franchising their business but aren\u2019t sure they can afford the initial fees, you\u2019ll need to get yourself a franchise <\/span><a href=\"https:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">business loan<\/span><\/a><span style=\"font-weight: 400;\">. Make sure you\u2019ve first weighed the pros and cons to see if franchising is something that\u2019s beneficial for your business model.<\/span><\/p>\n<\/p>\n<p><a href=\"https:\/\/www.become.co\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> can help find the best loan available with your qualifications. One application will cross-reference your needs with over 40 of its lending partners to make sure you get the loan you want. \u00a0\u00a0<\/span><\/p>\n<\/p>\n<h6><b><i>Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.<\/i><\/b><\/h6><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your business is running, no, it\u2019s sprinting and you\u2019ve realized that you might actually be onto something here. Your business model has been tweaked and fine-tuned into a successful model that you know works. You want to play with the big boys now and you\u2019re thinking about taking the next leap &#8211; franchising your business. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3746,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,114,1,12],"tags":[],"class_list":["post-3744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-small-business-wisdom","category-uncategorized","category-us-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Franchise Your Business - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/how-to-franchise-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Franchise Your Business - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Your business is running, no, it\u2019s sprinting and you\u2019ve realized that you might actually be onto something here. Your business model has been tweaked and fine-tuned into a successful model that you know works. You want to play with the big boys now and you\u2019re thinking about taking the next leap &#8211; franchising your business. 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