Wondering how to start franchising? We've got some great advice
on franchising from one of the nation's leading franchise consultants,
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Implementing a franchise program allows you to duplicate the successful elements of your operations and replicate them around the country with the assistance of motivated franchisees. The process involves five simple steps:
In this second part of a five-part article, we discuss Designing
the Franchise Program.
Designing the Franchise Program
The first step in the process is to design the key components of
your franchise program. This includes the initial franchise fee,
ongoing royalty, territory size, key operational processes, advertising
fund, grand opening program and other key components of what will
become your franchise agreement.
You’ll use the pro-forma financials and actual operations
of your location as the basis for establishing these items. Contrary
to popular belief a franchise attorney is not needed for this initial
step. In fact, a highly experienced franchise consultant can work
with you to develop these items before “handing off”
to a franchise attorney.
Ed Teixeira is President of FranchiseKnowHow, LLC,
a franchise consulting firm; and a managing principal in the Bridge
Business Broker Franchise Company. He may be reached at (631) 246-5782
or at www.franchiseknowhow.com.
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