October 29, 2020  
 
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Articles for Entrepreneurs

 

How to Start Franchising

 

Designing Franchise Programs

Written by Ed Teixeira for Gaebler Ventures

Thinking about franchising your business and selling franchises? We discuss important considerations when designing franchise programs

In this second part of a five-part article on the steps to franchise a business, we discuss how to design a 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.

Ready for the next step? Learn about Completing the Uniform Franchise Offering Circular (UFOC)

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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