Franchise Development and Consulting
Franchising is a great way to expand your business quickly. However, there are a lot of moving pieces involved in growing a successful franchise development system. Here are just a few things you need to consider:
- Legal and Federal Trade Commission (FTC) requirements
- Scaling a concept on a regional, national basis, or international basis
- Standardizing your operation into an integrated business system others can successfully employ
- Proving your concept or systems successfully so you can show others how to do it
- Creating a policies and procedures manual
- Determining how much to charge for initial and ongoing franchise fees
- Deciding whether to sell single unit franchises, area developer franchises, or master franchises
- Determining how quickly to grow in a state, region, nationally, or internationally
- Identifying what your model franchisee should look like
- Hiring and training the right kind of franchise salespeople for your company and/or industry
- Ensuring your salespeople are following a strict sales process that will yield results
- Creating an integrated “Discover Day” or “VIP Tour” to help impress your prospects and answer all their questions
- Ensuring that you are in compliance with FTC regulations regarding prospective franchisee disclosure
- Ensuring that you have a legal and binding contract that helps you build your brand and protects you if something goes wrong
- Having a training program for new franchisees so that they understand how to be successful with your service or product
- Having a regular support program so that the franchisee feels they have a “partner” in the business, can justify whatever your fees are, and renews at the end of their term
That’s just the tip of the iceberg … failure to successfully address these, and other issues you will encounter, can potentially lead to additional expense and heartache.
Whether you are just starting out or are already franchising your brand, PCMS Franchise Development Consulting can help. Our group has been involved in every aspect of franchising from sales and service to contractual administration and compliance. We have seen just about everything and can save your company time and money by helping you avoid mistakes in addition to capitalizing on our many years of experience in the industry both in the U.S. and abroad.
Click here to learn more about PCMS’ franchise development and franchise consulting services.
Filed Under: Featured
About the Author: A nationally recognized expert in franchise business, Jose has been responsible for affiliating, through conversion or acquisition, hundreds of companies representing millions of dollars worth of royalty fees during his franchise business career. In addition, as an authority in the area of acquisitions, mergers, and exit strategies for the nation’s real estate brokerage companies, he is often sought out for commentary and advice on the franchise business topic.