Franchise Your Business


the country throughout the year. As they are exclusively supported by the bfa, all exhibiting brands have been approved by the association. Speaking to a franchise consultant can


provide you with a very good start; not only can they help you to write and structure your operations manual and provide general guidance from their experience in the industry, but they can also complete a feasibility assessment on your business model to see whether it would be possible to successfully franchise it in its current format. The operations manual is a crucial document for a business format franchise, as it shows franchisees how everything must be done, from marketing the business to dealing with customer enquiries and orders. The benefit of building a business using a proven format and being provided with instructions and ongoing support are what attract many prospective franchisees to join a franchise network, so making sure you get this


6 | www.franchisornews.co.uk


right and keeping it updated is very important. The second document that you must


seek professional advice for is the franchise agreement. It is imperative that you utilise a solicitor who specialises in franchising to draft this document. Their ample experience within the sector qualifies them to ensure that your agreement provides you with clearly defined responsibilities for yourself and your franchisees, adequate protection for your business and brand, and the right to legal recourse should a rogue franchisee fail to comply with the franchise agreement. Once you have completed your two key franchise documents, you are well on your way to launching your own franchise business. Ensure that you are selective when you are interviewing franchisees throughout your journey in franchising; some franchisors rush to recruit their first franchisee and live to regret it later. It is not all about whether someone has


the money to invest in your franchise – you need to do proper due diligence to ensure they will be successful or you leave yourself at risk of having an underqualified or unmotivated individual hindering the success of your network. You are being interviewed at the same time by the franchisee, who is trying to decide whether they trust you enough to invest their time and money in your brand. Be prepared to answer detailed questions from prospective franchisees during their initial enquiries and ensure that you are able to justify any costs you plan on charging. One of the most important questions that you will be asked is for evidence of any financial projections that you provide to prospective franchisees. Transparency during these interactions is a great way to prove that you are trustworthy; this, in turn, can help ensure that hot prospects want to join your network. n


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