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Thursday, March 3, 2011

Steps to franchise




Small business gets franchise to properly support there business with financial aids it gets once it signed a contract with the leading business of the world. Getting a small business franchise can be a difficult task if there is no prior knowledge of the franchising procedures and the steps through which a small business can get the business franchise. There are several procedural specifications which should be given appropriate consideration and a proper work out plan should be established before franchising.
  • The first step is to locate the specific franchise that will franchise the small business products. A proper marketing search and surveys will determine which company is likely to franchise your small business. There are different franchising companies that deal only with particular business types. Some types of small business franchising include food, restaurant, interior decorating and pharmacy.
  • Consulting professionals for franchising is an important step in the process. Consulting agencies are available online and offline. The consultants give all the relevant details of franchising and answer all the questions about the particular franchise the business owner is interested in.
  • Once the small business decides on the franchisor and gotten all the information about the franchisor it is time to contact the franchisor and present the small business and request to be franchised. Several meetings are held between the franchisor and the small business owner until the final decision is made. The communication and marketing skills of the owner plays a vital role in getting the small business franchised.
  • Next the small business must negotiate the terms and conditions of the franchise. Issues like the involvement of the franchisor in the business and the amount of resources, training allocated, the franchisor’s share of the profits, the franchising fees and any additional cost of the franchising facility are decided.
  • The last step evaluates the method of bookkeeping, the management of employees and profit generation achieved with the help of the financial assistance of the franchisor. Weekly and monthly reports of the small business process are made and sent to the franchisors and meetings are scheduled.

 

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