Advice from the trenches for would-be franchisors
Have you ever thought about taking your business to the next level, but weren't sure how? Why not consider replicating your business success by franchising it?
As Dawn Engelbrecht points out in this article from the New Zealand Herald, even less conventional businesses – such as a before and after school program, for example – can make excellent franchise opportunities.
Ms. Engelbrecht confesses she caught the franchise bug early on. As the owner of a chain of franchised restaurants in South Africa, she could testify to the “value of replicating a good brand using strong systems and support.” When she moved to New Zealand with her husband and two children in 2000 – and with no family or friends to speak of – she spotted the opportunity to buy into an after-school program called sKids.
The first 12 months she spent developing manuals and tools for franchisees to use, and then went through a rebranding process. But it wasn’t always straightforward.
Ms. Engelbrecht offers the following observations to those considering becoming franchisors:
- Owning a franchise is very expensive and time-consuming to do properly. Getting off the ground can take up to three years.
- Franchisees are not your employees, so make sure your documents are very detailed, as this is what the franchisee will be relying on to grow their business.
- Take your time appointing franchisees as you will need to be able to work with them for many years
- When franchisees come to you with new ideas, examine whether they have potential to be used throughout the system and whether they fit the philosophy of the brand.
Tony Wilson, our regular columnist, offers these two articles to help you out:
A bible of best business practices
Want to fast-track your rocket ride to success? This primer from Profit, which lists the top 30 business practices of all time, might be just the ticket. Here’s a sample:
- One-on-one communication
- Make easy to do business with your mantra
- Document everything
- Get clients on the blower
- Open your books Inc.com also has some valuable information for those looking to become remarkable.
Inc.com also has some valuable information for those looking to become remarkable. Here it's compiled the nine qualities that will get you there, including the most important – and possibly the most counterintuitive -- trait: the ability to find happiness in the success of others.
EVENTS AND KEY DATES
Internet Week New York
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Young Entrepreneurs: Business Planning and Financing
EDITOR'S PICKS FROM REPORT ON SMALL BUSINESS
Introducing Alberta's top young entrepreneurs
On April 26, the team from Report on Small Business invited dozens of promising young business owners to attend a networking event. We hosted a live blog, took photos and captured video as a way to introduce our audience to these enterprising entrepreneurs.
FROM THE ROSB ARCHIVES
Failure offers its own path to success
Failing provides opportunity to gain valuable experience, insight and perspective, and lessons can be applied positively to a future venture.
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