Thinking about franchising? Find out how franchise ready your business looks!
A Documented Operating System
You need to be able to write out in detail every process currently undertaken by your team. It won’t be perfect but it should give you some idea of the work needed to get your business franchise ready.
Consistent, Scrutinisable Financials
Trackable figures – consistently produced and scrutinizable – over a two to three year period, are critical evidence to support the proposition that your business has financial strength to support growth. Inconsistencies or vague accounts of cash generate concern quickly.
A Proven Pilot Location
Can your model work without you? Does one successful location prove the concept will travel?
A Protected, Defined Brand
Before you consider franchising your own business or anyone else’s, register your trademark. The UK Intellectual Property Office explains what a trademark is and how to register a trademark in the UK and what protection it can give you.
A Training Programme That Works Without You
Can a complete stranger go through your training program and reach a competent operating standard? If not, document what is needed to get there.
A Clear Franchisee Profile
Know who your franchise model is for – outline the typical candidate’s background, skills and financial circumstances.
For Franchise My Business, see www.ashtonsfranchise.com/franchise-my-business.
Tick these six boxes and you will have a clear understanding of just how Franchise Ready your business is.
