Understand Your Business
The first thing you need to know before deciding to franchise your business, is to have a complete understanding of your goals and objectives. As an owner, it's your responsibility to figure out that whether franchising would help in making your business grow. And secondly, would it be feasible enough to do so. Analyzing the business' capability in terms of financial strength, brand image, target market and the necessary management skills are important when making the move to franchise your business.
Set Criteria For Franchising
Once you've planned the details regarding franchising your business, the next thing you need to do is decide the fee required to obtain the license. Keep that in mind that the franchising fee should be enough to make it a win-win situation for both your franchisee and your business.
Fulfill Legal Requirements
Consider a lawyer for going through the legal process, so that you don't leave any margin for error. Make sure that the franchise agreement should fall in accordance with the law. Moreover, it's important that you complete all the necessary legal requirements, so that you don't leave a loophole that can be used to exploit your business in future.
Establish Quality Control
You need to form an operational manual as to mention all the required criteria and quality that your franchisee needs to maintain at all times. This includes the strategies and the quality assurance deemed necessary for the successful implementation of the system your business proposes. It's the most important component that should be kept in mind while franchising your business. Franchises represent your business, and it's necessary that they exhibit the same level of quality that you're offering so that you don't suffer a backlash in terms of brand image and equity. The higher the value of your brand and company, the higher fees you can charge to your franchisees, eventually leading to greater profit.
Advertising & Promotion
Last but not the least you need to attract potential candidates by letting them know that you are giving away license for your franchise. You can do this by using print media such as business magazines, or if you have a website then place the advert there for the purpose of promotion. It's essential to find reliable franchisees, as they will represent your business in the market and serve as strategic partners to your company.