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If you want to expand your business, but don’t know how to, Franchising could be the
best option. It takes a lot of effort to be Franchise ready. There are a lot of legal and business related
hurdles that need to be crossed in order for a Franchise to stand a change of succeeding
the basic concept must be the sound one, the franchisor must have sufficient resources
to support the chain, and the Franchisee must be properly managed.
This should be a step-by-step sequential process.
FIRST: Decide whether your business is franchise able. The kind of business you have now
determines whether your business can be franchised.
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SECOND: Thoroughly investigate the industry you are considering. Chalk out sound plan
for expansion. This plan must take into consideration the numerous issues confronting a
new franchisor: speed of growth, territorial development, support services, staffing and
fee structure, to name just a few of the most important issues to conclude if this is really
a business to which you can make a commitment.
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| THIRD: Once your plan is in place, you'll need the proper legal documentation. Attend
industry meetings, talk to existing business owners, spend time at typical businesses and
visit competitive locations to determine if those who are already in the Indus try share
your conclusions. As a Franchise, you'll have to prepare a number of business and legal
documents (such as the Uniform Franchise Offering Circular, or UFOC) for perusal by
potential Franchisees, and for state and federal government entities. |
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