You want to grow your business. You believe franchising is the way to go but have learned that you are not quite ready yet. Is there anything you can do to get ready?
Step 1 — Am I ready?
The first thing you need to do is to find out whether or not you are ready to franchise your business. Go to the section in our website titled Ready to Franchise? and take the quiz to help you determine whether or not you are ready.
Step 2 — Protecting the name of your business
Getting a trademark to protect the name of your business is something we do for our clients at the start of a franchising project, if they do not already have a one in place. However, if you feel you are not ready to franchise now, but will definitely do so in the future, getting your trademark at this point is a good idea.
You can start the process by going to www.uspto.gov and clicking on Trademarks on the left-hand column. You can learn about the process of obtaining a trademark; you can search to see if someone else is already using your name and has a trademark; and, you can also apply for a trademark. Call us if you have any questions about this process.
Step 3 — Developing, testing and recording procedures
Another step you can take in anticipation of franchising your business in the future is to make sure that all your operating procedures are easy to replicate. Also documenting them at this time will not only make your business run more efficiently, but will also save you time and effort when you do franchise it. Make sure that you have procedures for:
- Getting customers (generating leads, managing leads, and closing sales –which depending on the business may include making presentations and writing proposals)
- Administrative procedures to convert a lead into a customer
- Delivering the service or selling the product
- Customer service (including all customer communications and handling complaints)
- Staffing (how many employees, what they do, how are the best candidates chosen, management techniques that work in your business, etc.)
- Maintenance and cleaning
- Billing and financial procedures
- Ongoing marketing activities
- Any specific technical information and processes that apply to your business
Step 4 — Creating strong relationships with vendors
Depending on the type of business you have, you most probably use suppliers and vendors for equipment, goods, and supplies. Start with the end in mind when you choose your suppliers. Ask yourself:
- Will they be able to deliver all over the US?
- Will they be able to handle sudden increases in demand for their products?
- Will they provide impeccable customer service and act as partners?
- Will they be able to give you quantity discounts as you add more franchisees so you can pass on better pricing to them yet still be able to make some money to recoup the investment you’ve made in developing these relationships?
Choose only those suppliers that can provide what you need now and when you franchise.
These steps will make your life easier when you are ready to franchise. They will also make your business more efficient and valuable even if you decide not to franchise. Let us know if you have any questions on this subject. We will be glad to help.
