How To Franchise Your Business
This course enables business owners to determine the suitability of franchising for their business and understand everything that will be involved in taking this journey. The course has been designed to provide foundational knowledge before more detailed analysis and preparation is undertaken. It is the perfect first step before investing in franchise consultants, lawyers, and accountants to help you develop your new business of franchising your existing business.
Who should take this course?
Anyone interested in learning what type of investment is required in becoming a franchisor
Existing business owners interested in expanding using the franchise model
Entrepreneurs thinking about buying a franchise business (becoming a franchisee)
What are key learning objectives?
The ability to understand available alternative business expansion options
Knowledge of specific franchising requirements
Sufficient understanding to assess the suitability of franchising for your business
Knowledge of specific skills required to be a successful franchisor
Understanding the steps to franchising your business
How long does it take to complete the course?
The class will take approximately 10 hours to complete and you will have 12 months access to the program so you can revisit the program as many times as you need.
How To Franchise Your Business
Module One – Introduction to, and understanding, the alternatives
Overview of the alternative business options such as organic and investor growth, agency and distributor arrangements, and licensing
Explore why franchising might be the appropriate model to pursue
Examine key determining factors such as motivation and constraint
Module Two – Franchising Considerations
Highlight areas for consideration when assessing the suitability of franchising for your business, including market demand, competitors and scalability of systems
Understand the need to establish two businesses – the franchisor business and the franchisee business
Acknowledge the commitment required and the long-term nature of the relationship
The implications and expectations of franchise fees
Module Three – Specific Franchising Requirements
Highlight specific obligations and requirements involved in franchising
Understand the legal and ethical obligations of franchisors
Introduction to the Franchising Code of Conduct
Importance of franchisor and franchisee documentation and systems management
Broad business knowledge and mentorship and the ability to support franchisees
Module Four – Skills Required to be a Successful Franchisor
Overview of the specific skills required to be a successful franchisor
Provide personal insights into participants’ relative strengths and areas for improvement
Examine business strategy, planning and execution and finance management
Understand your market and effective marketing
Importance of brand stewardship, product innovation, operational and support systems
Managing relationships with franchisees, suppliers and customers
Module Five – Important Steps to Franchising Your Business
Identify the important steps required to successfully franchise your business
Provide sufficient understanding to facilitate the journey to franchising success
Develop the compelling concept and the franchisor-franchisee business model
Establish a pilot franchisee operation
Develop franchise management systems
Recruiting franchisees and franchisee funding
Manage the brand and the business
Module Six – Your Action Plan to Franchising Success
Learn from previous modules to develop an appropriate action plan for your business
Assist in the development of an immediate action plan to continue the franchise journey
Is franchising right for your business? Are you right for franchising or do you have the right product and necessary skills to succeed in franchising?
Can you develop the necessary systems and documentation to assure success for the both franchisor and the franchisees?
Can you manage the franchise into the future? Do you have access to the necessary finances?
Examine the need to undertake further research and to engage an advisor.
Develop and an actionable business plan with timeframes