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Is Your Business Ready to be Franchised?
Franchising isn’t all about investing in someone else’s business model – it can also be about profiting from others' investment in your business model.
If you’re considering expanding your business, but are worried about finances, franchising is something that could reap you rewards.
One of the first steps to take is to download or print out the “How to Franchise Your Business” document from the Irish Franchise Association website.
The advantages of franchising can include:
- A smaller central management system and less staff
- Additional injection of capital not required for rapid growth
- Easier to exploit areas, which are not already in your scope
- Franchisees being more motivated than managers.
What You Need to Do
- Make sure you have a functioning business rather than just a concept.
- Map your business process.
- Produce the operations manual, outlining what must be done to deliver the business model to the customer under the brand.
- Establish a curriculum to train people on how it must be done.
- Prepare legal agreements for using the franchise.
Test it Out
“Best practice is to recruit a couple of pilot franchisees and then fine-tune the franchising element of the business model,” says David Killeen, Chairperson of the Irish Franchise Association.
Be aware that you will need to test your recruitment policies and operations manual, management system and reporting for completeness before getting your pilot franchisees on board.
Please be aware that all of the views expressed in this Blog are purely the personal views of the authors and commentators (including those working for AIB as members of the AIB website team or in any other capacity) and are based on their personal experiences and knowledge at the time of writing.
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Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.