When is it right to franchise your business?
You have fought hard for the success of your business. You have dealt with the financial and personal stresses that come along with owning your own business. Finally, things are going very well and you are thinking about franchising.
For a person that is thinking about franchising their successful business, knowing when and how the process works is one of the most difficult parts. So, how do you know if and when it is right for your business?
Things to Consider about Your Business
Considering whether the idea behind your business is viable in multiple markets in various areas is the first step to deciding whether or not to franchise. When thinking about franchising your business, consider:
- Whether your business has a unique idea or product that people in many markets would be interested in purchasing
- The way your business model is set up, and how well it would work in other markets
- Whether or not you are comfortable letting a group of people in on the big ideas that help you run your business
- Whether or not you would feel more willing to open a location in these locations, without a franchise owner
Ultimately, knowing your business and how you would like to run it will help you determine whether or not franchising is a good idea for you.
What to Do After You Have Decided to Franchise
When you feel confident that you have an excellent business model, idea, and the capital to start franchising, contact a lawyer and a CPA. Our business lawyers here at Business Law Southwest can help you:
- Draft organizational plans for your franchise locations
- Decide who you will offer franchise opportunities to
- With the help of a CPA, determine what to charge the franchise opportunities
- Determine what kind of support you will offer the franchises and draft documents with all of your specifications
- Put your franchising plan into action
Speaking to a lawyer can help you lay out all the details of becoming a franchisor. Contact us at Business Law Southwest today.
