If you own a successful business – perhaps with even more than one location already – you may have wondered if your operation was suitable for franchising. This arrangement holds that a prospective franchisee would pay a fee, and subsequently royalty payments, for the right to operate a business under your name, brand, and likeness. In exchange for acting as the franchisor, you must supply the franchisee with the means, training, and ongoing operational support to replicate your success. Considering your circumstances, does this sound like a possibility? If so, read on. There are specific roles and responsibilities at stake, both for you as the franchisor and prospective franchisees in your system.
“Franchise Your Business” by Mark Siebert is a book published by Entrepreneur Press, and considered one of the leading tomes on the subject. Essentially, it’s a how-to guide that references a business growth strategy accomplished