Business

Four Steps to Franchise your Business

Franchising allows to channelise revenues from other streams and sources which inevitably leads to business expansion when done right

If you have been previously speculating about strengthening brand identity and are ready to accept a paradigm shift in your role within the business environment, here are the five fundamental steps towards franchising.

Evaluate

Crosscheck the variables to assess if your business is prepared to withstand the radical transformation that franchising will bring along. This evaluation is beyond mere consideration of sales and profit and is rather a conceptual analysis of the idea that you are signing up for which will further lead to an improved economy. The first step is to consult with a financial expert who deals with franchises to tally the resources and opportunities at disposal and amass market knowledge. In the meantime, you will retain ample opportunities to ruminate other options to advance the business venture.

Set the Legal Framework

The legal tasks might pose to be an intimidating queue of serpentine tasks all lined up—starting from paperwork to filing financial audit, but is essential towards setting the right precedent. Given how daunting the legal paperwork is, hiring a franchise attorney might help you to navigate through the complications without blunders. The professionals are responsible to draft an impeccable franchise agreement in due compliance with the directives and guidance mandated by franchise regulators.

Choose the Right Franchise

It is common to partner with any franchises willing to offer capital investments without contemplating the kind of people you would be working with. Stumbling upon a franchise that believes in your business model does not alone suffice. You should be collaborating with a band of professionals who have complete faith in your business model and are motivated to expand by positively acting on criticisms and advice. Tying up with the right franchise that represents you should also assure the highest loyalty to your business concept.

Recruit Key Talent 

With expansion and growth, the organisation will inevitably require recruits to occupy key positions of responsibility. A major way to attract new and retain old talent is by incorporating latest corporate trends and practices in the organisation leveraging the resources you have at disposal—finances, culture and strength of the organisation. To screen potential candidates going beyond conventional strategies, it is rather prudent to not shy away from using advanced recruiting tools. Crafting and improving an employee training program for all the staff members is equally important to set up a comprehensive guide outlining work and management.

Puja Sinha

Coffee addict. Daydreamer. Hitchcock Fan. A post-grad in English Literature, Puja is a forever enthusiast of traversing long distances by rail. Her verticals of choice are entertainment, art & society. She can be found lazing in the garden when not fidgeting over deadlines.
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