Franchising is a very effective way to grow and expand your business without having to invest the capital required for internally funded growth and an increasing number of businesses are choosing franchising as the most effective way to distribute their products or services.
Franchising has experienced tremendous growth and each year an increasing number of people are opting to buy a franchised business because it reduces their risk and provides them the greatest chance of success. More franchised businesses are sold and opened each year than any other type of business.
For emerging brands who wish to grow through strategic franchise development, Franchise Development Solutions, Inc. (FranDevelopment) will turn their successful businesses into thriving franchise systems by not only providing all the services required to turn a business into a franchise, but also provide the services to successfully market and sell the franchise to prospective franchise buyers.
The very first step is to determine if a business is franchisable. FranDevelopment will conduct a Franchise Assessment Study to determine if the business is ready to be franchised. If it is determined it is not, a detailed report on the steps required to get there will be provided.
- Is the business repeatable, sustainable, with proven systems in place?
- Is the business profitable?
- .Is there at least 3 years of operational history?
- Is the business unique and timely?
- Is the business adaptable to different regions of the country?
- Is there a management team in place capable of supporting franchisees?
- Can the business be easily taught to others?
- Is the business affordable to buy and operate?
- Are the skill sets required to run the business reasonable?
- Can the business name and trademark be federally registered?
- Are there compelling reasons why someone would want to buy this franchise?
- Is there sufficient capital available to franchise the business plus to market the new franchise brand?
- Do the founders / directors have felonies, bankruptcies, law suits that need to be disclosed? If the business is franchiseable, FranDevelopment can provide two services packages: Franchise Development Services: Turning your business into a franchise. Franchise Sales/Marketing Services: Perform all the sales and marketing functions to prospective franchise buyers.
- Advise on business entity for the Franchise Parent Company.
- Develop the Franchise Disclosure Document (FDD).
- Formalize operations and systems through creation of an Operations Manual.
- Prepare opening financial statements.
- Create budget for franchise development and sales activities.
- Advise on agreements with suppliers for the support of franchisees.
- Identify key players that will be involved with supporting franchisees during sales cycle, training and support.
- Define and implement a franchisee target market and a formal franchisee acceptance process.
- Territory definition and mapping.
- Create framework for candidate evaluation and processing.
- Create Discovery Day structure.
- Co-develop the training system and manuals for the uniform training of new franchisees.
- Provide content and functionality consulting on the franchise parent company sales web site.
- Franchisee Lifecycle Readiness Assessment, planning for the needs of the franchise system 3, 5, and 10 years into the future. Additional services and cost will be required to finalize the franchising process to be performed by a qualified franchise attorney. FranDevelopment can provide the franchise attorney or the client may provide one of their own.
- Full legal review of all franchise documents
- Register the name and trademark with the US Patent and Trademark office
- State registrations and filings in those states requiring it to market a franchise in their state
- Create franchisee application and process.
- Define required franchisee required skills, background and financial requirements.
- Create franchisee validation procedures.
- Implement system for territory checks and candidate pre-registration.
- Install a Franchise Sales Manager to coordinate activities with the internally generated leads and broker/consultant networks.
- CRM system setup for processing and reporting on candidate pipeline.
- Implement franchise sales advertising on key portals, magazines and identify key trade shows to participate in.
- List franchise offering with key broker/consultant networks.
- Create broker network on-boarding documents, 2 minute drill and virtual brochure, email campaigns and on-going webinars for broker/consultant education.
- Qualify all prospects, manage and coordinate the franchise sales process, contract negotiation, Discovery Day coordination and participation, close the franchise sale.
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Disclaimer: For informational purposes only and is subject to change without notice