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Franchise World magazine | Franchise magazine, latest franchise news, and franchise business opportunities
Franchise World magazine, latest franchise news, advice, and franchise business opportunities.
Archive | Franchise my business
Turning your business into a franchise
Posted on 20 July 2011.
More and more businesses are quite rightly considering the opportunities and benefits offered by franchising when planning their future development. Indeed, any business which operates through branches should at least look at franchising as one of the potential strategies for growth.
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Financial aspects of launching a franchise
Posted on 20 July 2011.
There are a number of financial aspects which need to be addressed by a prospective franchisor when formulating a development plan and I propose to look at three key areas.
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How do I recruit franchisees?
Posted on 20 July 2011.
Of all the issues that arise for both would-be and existing franchisors none come higher up the scale than franchisee recruitment. If you are a potential franchisor you will have much work to do before placing your first advertisements and we shall explain the elements you need to consider.
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Setting franchise fees
Posted on 20 July 2011.
One of the more emotive aspects of any franchisor/franchisee relationship is that of the franchise fees. The setting of fees, both initial and ongoing, is very much a balancing act to ensure that both the franchisor and the franchisee achieve the rewards they deserve for their respective contributions to the business. If the relationship is [...]
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Making sure the blueprint is right
Posted on 20 July 2011.
The preparation of the operating manual is the least exciting part of launching a business-format franchise, but it is nevertheless vital to the success of the system. This is the one document that enables each franchisee to replicate the system in every detail, and provides the franchisor with the closest it can get to a [...]
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Setting targets for franchisees
Posted on 20 July 2011.
Whatever type of franchise a franchisor is granting – development rights, regional/ master franchising rights, or the rights to operate a single unit – it faces the common problem of resolving the difficulty of dealing with the different comfort thresholds of its franchisees.
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Franchisee associations: friend or foe?
Posted on 20 July 2011.
Certain words can strike fear into the hearts of the bravest. For some, it’s “dentist”, for others, it’s “year-end results”, and for some, it’s “I do”.
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A planned franchise resale strategy
Posted on 23 June 2011.
From the point of the inception of a franchise, the objective of the franchisor is to build its network. The key focus is on franchisee recruitment and their training, launch and development because each recruit brings with it a tranche of new money, increased network sales and, therefore, increased management services fee revenue and brand [...]
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Franchising in the global market
Posted on 23 June 2011.
Many businesses with an established home market recognise that franchising provides techniques which enable them to expand outside their home territory and so tap into the world’s vast global markets.
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Contributors
Turning your business into a franchise - This series of articles offering advice for those planning to franchise their business is introduced by Brian Duckett, head of the Franchising Centre, the consultancy, training and recruitment firm.
Financial aspects of launching a franchise - The financial implications of becoming a franchisor are reviewed by Mark Scott, director, franchising development at NatWest.
Franchisee recruitment - The problems of franchisee recruitment are examined by Michael Way and David Tonchin, franchise consultants and mentors.
Setting franchise fees- The setting of franchise fees, both initial and ongoing, calls for a very delicate balance if both parties are to prosper. Steve Felmingham, director of business development at the Franchising Centre, explains how franchisors can arrive at the right balance.
Making sure the blueprint is right - The operating manual is crucial to any franchise system as it enables each franchisee to replicate the business and run it to the franchisor's standards. Penny Hopkinson, founder of Manual Writers International, offers advice on preparing this operational blueprint.
Challenges of setting targets for franchisees - The imposition of binding performance targets on franchisees would appear to be the obvious way for franchisors to guard against loss of income due to franchisees coasting along in their comfort zone. Surprisingly, the solution is not that simple. Manzoor Ishani of Surrey law firm, Sherrards, explains.
Franchisee associations: friend or foe? - Andrew Quail explains the role of a franchisee association within the network and the steps the franchisor needs to take to ensure that such a body is a force for good. Quail is head of quality standards and compliance at the BFA, but his views in this article are personal.
A planned resale strategy: the last step of the way - As more franchise systems reach maturity, franchisors need to give more thought to crowning their services with an effective resales strategy for franchisees when the time comes for them to sell their business. Derrick Simpson, founder of Franchise Resales, explains how this can be achieved.
Challenges of franchising in the global market - Franchising can unlock the international potential of a business, regardless of whether or not it is franchised in its home country. Chris Wormald is head of retail and, joint head of the franchise and licensing team at Field Fisher Waterhouse, explains the options for companies expanding abroad, and conversely for entrepreneurs importing foreign franchises into their own country.