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While franchising continues to be hailed as the most popular model for facilitating business growth, there is a need to take stock of one's business to know of its preparedness so as to decide if it is now the right time to take the franchise route.
ALL along we have been engaged in intriguing discussions about franchising being the most popular method for facilitating the growth of any business and the guarantee it offers in the quest for scalable, efficient and sustainable models in a resource-constrained situation.
Conceivably, the best intimation of all this is whether any business has already had franchise enquiries. But even before contemplating franchising the business, the business owner would need to consider whether franchising is the right method of growth for the business? Before jumping on the bandwagon of franchising, the pertinent question to be answered is if the business is franchise-ready.
Issues to ponder over
Certain factors need to be kept in mind before the business owner decides to franchise the business. These factors are:
Getting down to brass tacks
After the prospective franchisor has thoroughly analysed her business model and is sure that the business is fit for franchising, the next important step is to develop the terms of franchise. This will include agreements embodied in the documentation that leads to a legal and hassle-free franchise agreement.
Core terms of the agreement need to include but are certainly not limited to:
Finally, when all the above terms and agreements are in place, the entire franchise agreement needs to ensure that a proper balance is struck so that the interests of the franchisor/business owner are protected and the franchisee sees value in such a business opportunity making it a win-win situation for both.