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First figure out why you want to franchise?
What are your company goals?
A franchise may/may not be the right grwoth vehicle for you.
You may be able to accomplish your goals under a licensing arrangement or other legal structure.
Franchising is one of the most expensive and legally complex growth structures.
Thank you very much for your insights. I have determined that franchising will take some time. All of the responses were great and made me wonder why I wanted to franchising in the first place as one person mentioned. The reason was that I need a vehicle to grow my company so that I could support myself. I am a sole owner of an excellent product line and service but there is only one of me. I have been unemployed and decided being in business for myself was the best option as my background is senior level program management, I figured I could figure this out how to run a business, but it is way more complicated then I expected. It takes time, committment and focus. Since I am trying to do this in 0 capital, it his hard to do it all by myself. I am putting together a book with some of my process on it that will work for everyone. This may help build capital that I need to one day franchise if that is what I decide to do at that time. 2010 should be a great year. I am committed to making this successful. Thanks again for all of your help.
Maybe the next thing I will look into are angel investors. Not sure at the moment, I have little to knowknowledge about that as well but someone mentioned that I should look into it. The good side is, we are moving forward.
Want to franchise my company,1 of 1 people found this helpful
Do you have an Accountant and a Lawyer??
*No matter how good the business system is, the business must be one
that "fits" you. It must be a business that builds on YOUR strengths
Achieving your dream: It is good to understand your options and determine what is best for you.
The three basic options are:
1. Start a business from scratch
2. Buy an existing business
Good luck, LUCKIEST
*3. Purchase a franchise*<!--Session data-->
FranchiseHope,1 of 1 people found this helpful
Have you read the UFOC guidelines? These are federal regulations that govern the marketing and operations of franchise businesses. To start a franchise, there are a number of disclosures and documents you'll have to file-- and many folks who are tempted by franchising or doing a MLM are blissfully unaware until they get in trouble. Just go to the bookstore and you'll see a few franchising magazines that discuss the issue.
Sounds like you have a great product that is far cheaper than seeing a plastic surgeon. Love to hear how things go!
Turning your business into a franchise is really creating a seperate business in itself.
I recommend talking to a specialist that does exactly what you are talking about.
That is who I recommend to all of my clients.
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My company is an all natural facelift that I perform nationally and I am thinking about franchising it. We are the inventors of the process and can make people look up to 20 years younger without surgery, implants, or injections.We can do in office and on-line. We are non-invasive and have great before and after pictures. We are putting together a portfolio and decided it would be good to have others do this too. We are a start up so there is not a lot of clients but I see that changing shortly based on what is happening now with my current clients telling their friends. We put 16 years research doing the process on people for 6 years, we started it as a business in 2008. But really are just getting going because we wanted to have everything in place. What steps do I have to take to franchise my company.