112 HOW TO FRAN DP 29/10/07 11:00 Page 1
Franchising Advice
Is your business
Suitable for Franchising?
The success or failure of a franchise venture can be traced back to the
initial planning of its development. FDS Founder and Managing Director
Roy Seaman reflects on how you should
consider franchising your business
J
ust because you own a very successful
business does not mean that you could, or
should, successfully franchise your business.
In fact, some businesses may not even get over the
first hurdle, no matter how successful you have
been in creating the business. Ask yourself this: is
it a business that can be taught to others and do you
and your team have the ability to achieve this goal?
Ideally a franchiseable business should be
substantially different in a number of ways
from competitors in the same sector. You
will need to have in place a well-proven
and clearly documented methodology in
relation to promoting, selling and then
delivering the product or service in order that
others can replicate your success. like to become a franchise
Once you have these systems in place, you will millionaire and are going
be required to train and support franchisees in to rely on your franchise to achieve this goal. You
learning and adopting them. You will be will need to lay out a set of requirements for
responsible for helping a large number of people to franchisees to ensure you get the right people
replicate your success and earn a really good living representing your company.
by following your advice and guidance. These Creating a successful franchise operation takes
people are going to expect you to help them far time. There is no substitute for experience in any
more than you think! Ideally they would like you business and if you do not have it you need to buy
to be working alongside them for at least the first it in. When starting a franchise you are in effect
six months of their business - if you cannot do this creating a new business - that of franchising your
then you will need to create a team that can be your existing business. You will therefore need to think
best possible substitute. about the additional resources that you will require
Now take a moment to evaluate your market. for this new business very carefully.
What is the total value of your marketplace? What It will require a great deal of your time, thought
percentage of that market can you and your and dedication. However, there is often no better
network of franchisees realistically expect to way to expand your business and obtain the very
capture in the next five years? Are you in a best return on all of the knowledge that you have
position to take advantage of whatever trends may accumulated, since it is that knowledge that you are
occur in your market? Franchise investors need to going to be selling to your prospective franchisees
be able to make a good return on their investment wrapped around the product or service that you
of time, effort and money after paying the have to offer.
management service fee for the ongoing assistance
of the franchisor.
Consider what sort of people are likely to apply
FURTHER INFORMATION:
to own and operate your franchise. When you
Read more franchising advice from a range of franchise industry experts on The
promote the availability of your franchise with
Franchise Magazine online at:
www.thefranchisemagazine.net
some attention-grabbing headlines, expect
applicants from all walks of life and with varying
To talk to a Franchise Consultant, call FDS: 01603 620 301
amounts of capital, ability and enthusiasm. They email:
enquiries@fdsltd.com
have responded to your heading - yes, they would
visit:
www.fdsfranchise.com
112 ©2007 The Franchise Magazine
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