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Although this isn’t a suitable option for every business, it’s one worth considering. While your instinct may be to keep everything within your control, properly controlled franchises can spread your name, grow your business and boost your profits.

While initially this may mean a great deal of investment and time, eventually your franchise network could be run more easily – and profitably –  than a similarly sized expansion that you run yourself.

Is Your Business Suitable for Franchise?

Many businesses of all types are, but:

You must be able to offer a distinctive, proven business model that can deliver its products or services to an identified and profitable market; a business and brand that’s suitable for your potential franchisees and their circumstances and location.

The best way to ensure you have a proven, franchise-suitable business model is to run a pilot scheme for at least 12 months. This ensures you have the accurate information you’ll need to decide if franchising is viable, and to aid you in forming a business plan for the franchising process and producing material for potential franchisees.

Your Responsibilities as a Franchisor

One of your key responsibilities is of course to support your franchisees – we will look at that in more depth in a moment. But there is much more to begin a franchisor; it’s not an easy ride where you grow your company effortlessly and just sit back while others make your profit for you. As a franchisor, you must:

Supporting Your Franchisees

The type and complexity of support your franchisees need will vary hugely depending on the nature of your business and how you intend to structure your franchise network, affecting how much management and financial control you retain. However, it’s advisable to always provide:

Ensuring the legal details are watertight and that franchisees are suitable is paramount. If this seems daunting, the British Franchise Association has a useful list of UK consultants to advise you, and also a list of UK lawyers familiar with the complexity of franchise agreements.

Providing you assess your business honestly for its franchise potential, take professional advice at every stage and don’t cut corners, you could be on your way to becoming a very successful franchise network owner.

 

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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