The Chesklist

  • Assess the feasibility of Franchising
    • Gather information
    • Attend a Franchise Seminar or Coaching Session
    • Read books on franchising
    • Talk with a Franchise Analyst
    • Take a Franchisability Quiz
    • Looking at all of your growth options
    • Grow internally
    • Find investors
    • Franchise
      • Franchise
      • Business opportunity
      • Licensing

      .

  • Meet with a Franchise Consultant
    • Tour the Headquarters
    • Are the systems in which the consulting firm follows in developing your franchise program proven
      • In-House vs.
      • Outsourced
    • How many years has the firm been in business
    • Review their client list
    • Call references
      • What work did the consulting company do for referral
      • Why did they choose to work with consulting company
    • Is the work done in house by fulltime employees
    • Is it clear that the communication between the employees working on your program is free from barriers like:
      • Not working together
      • Having to work communicate via phone, instead of face to face
      • How many times a week do the employees see each other
      • Working at different locations
    • Is there a project manager to head up your project

    .

  • Do you really want to franchise
    • Meet face to face with consultants at their place of business for advice
    • Talk with business advisors, close friends, and family
    • Evaluate your current resources for moving forward with franchising
      • Financial
      • People
      • “The heart” or Drive

      .

  • Moving forward with franchising
    • Hiring a consultant and finding the right company
      • Do they have a proven business system
      • Go to place of business
    • Hiring a lawyer

    .

  • Mistakes to avoid while looking at franchising
    • Do not make assumptions
    • Do not meet with a lawyer only
      • Legal documents do not drive the business
      • All lawyers claim to be franchise specialists
    • This is not easy to do if you have never franchised a business before
    • Developing a franchise company is much different than being a franchisee

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