Wondering how to start franchising? We've got some great advice
on franchising from one of the nation's leading franchise consultants,
Ed Teixeira.
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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 first part of a five-part article, we discuss Establishing a Franchise Operation.
Establishing a Franchise Operation
You should have an existing or pilot operation in place. This
operation should be used to design your franchise program, establish
your training and operations manual and use as a training site.
When franchise prospects visit your corporate office you’ll
have an actual location to show them. Be sure that you utilize the
services of a franchise consultant or advisor so that your franchise
program is properly constructed.
In order to be in the position to sell franchises and fulfill
the basic requirements of a franchisor you need to have a minimum
of $75,000 for the project. It’s possible to do it for a less
however, to begin your franchise program you should plan on this
amount as a minimum.
Don’t make the mistake of having franchise documents done
and then expect to be successful. There is much more to franchising.
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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