As a business you are probably used to keeping the costs down and making the most of your operating budget. That applies equally to the resources you use daily to new business developments such as setting up a profitable franchise once you have become successful. Being frugal has its advantages, but going too far in the other direction and choosing services simply on price can also cause problems.
When it comes to putting your company out to franchise, choosing the cheapest option is not necessarily a good idea if you want to be sure of success. If you also want to protect your brand and make this particular venture a success with the right partners, then it pays to get the best quality advice and support.
Much of the devil is in the detail when it comes to creating a successful and workable franchise.
There is obviously plenty of legal work to get through and you’ll want to make sure that this is airtight so that your business and brand is safeguarded as much as possible when people decide to become franchisees. A company offering the cheap option might profess to cover all the bases but you are just as likely to end up with the work being done by someone who is inexperienced and lacks the necessary skill set.
Setting up a franchise can be pretty complex and if you get it wrong the errors can be costly, not only to your business but also your reputation as an entrepreneur. It’s worth spending that little bit extra on good advice rather than suffering the setbacks that could have been avoided once the franchise is up and running.
What to look for in a franchise specialist
Ideally you want a company or individual that has a wide range of experience in dealing with franchises and setting them up. That’s fairly obvious but less easy to find in today’s market.
It’s easy to create a company that professes to offer everything you need at a knock down price. Today people can set up almost any business online and start delivering their ‘service’ almost immediately. Franchise creation is no different. It doesn’t mean they are any good. It’s much better to find someone that has been operating for a good few years in the franchising field and has a proven track record – they should be able to point to their existing and past clients and show what successes they have had.
Many companies that help set up franchises will specialise in particular industries and it is worth asking around in your area of speciality to find out who is noteworthy. Individuals who have worked both sides of the franchising arena are also a good choice because they’ll be aware of the problems and pitfalls that you might face and how to avoid them. In other words, they’ll have an all-round perspective that should be highly useful.
Bigger companies do come with a carefully crafted reputation and this can be a good option, however this can often prove costly due to their higher overheads and staff wage bill. At The Franchise Specialist we strongly believe that we are able to offer a more personal service that fits your needs better and provide it at a very competitive price.
With 30 years of experience dealing with a variety of companies and providing franchise advice and guidance to a number of international corporations, I’ve seen a lot of the good and bad that can come from setting up a franchise. It’s a complex business and navigating the landscape safely requires a great deal of experience. Making the right choices in the first place help you to lay a strong foundation that can lead to franchising success.