From Coach Michael's Blog:
2016 Business Excellence Forum - Blinding Flashes of the Obvious Part 2
More BFOs from Day 1 of the 2016 BEF, Troy Hazard continued.
Troy told a story about car salesman who had sold him a luxury car in Australia where he lived before moving to the USA a few years ago. The salesman asked how often he traded cars in, Troy answered about every 4 years. The salesman began contacting Troy about every 6 to 8 weeks, by mail, email, telephone, you name it – when Troy moved to USA permanently the salesman continued kept in touch. ...
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How to Franchise your Business
By my good friend and colleague ActionCOACH Ellie Marshall
With a proven success record, franchising is the most popular way of expanding your business. A new franchise opens after every eight minutes on every business day so it is no wonder that many business owners are treading this path.
Step 1: Check If Your Business Is Franchise Ready
Evaluate your business concept. The first question you should ask is if your business can be franchised, whether prospective franchisees will be likely to buy it. How unique is the business idea? Is it appealing to consumers in general? The concept has to attract both sides of the equation-prospective franchisees and customers.
Step 2: Check Your Finances
Once step one is cleared, get your financials in order. There is an Item 19 on Franchise Disclosure Document (FDD) that is of equal importance to both the franchisor and the franchisee. This is where you have to record your financial performance with all the small details, and if everything is not in order here, then the franchisee can easily decline working with you.
Step 3: Make Important Decisions about your Company
You will have to decide upon some parameters as you prepare to franchise your company.
- Set royalty fee
- Fix a franchise fee
- The term of your franchise agreement
- The size of the territory you will allocate to franchisees
- The geographical area you are willing to offer
- Your marketing plan for the franchises
- The duration and type of training program you will offer
Step 4: Register as a Franchisor
Once you are done with the important decisions, you can create the paperwork and submit it to the authorities. Be prepared for critique.
Step 5: Selling your Franchise to Franchisee's
Make key hires that will especially overlook the task of seeking franchisees for your company. One of the most pressing concerns is to find good franchisees and convince them to buy your idea.
If you would like more information on how to franchise your business please call me at 516-8010-6452.