Becoming Franchisee :
key steps
Opening a franchise is not a particularly complex process, but it does require you to go through a number of stages to ensure that your project is a sound one. Welcome Franchise guides you through the key stages of opening your franchise.
Open your franchise
in 8 steps
1. Clearly define your motivation and expectations for this project
This may seem obvious, but it’s important to take stock of your expectations and motivations before starting your project. This will enable you to better target the brands that are right for you, and ensure you make the right career choice.
2. Identify your strengths and weaknesses
Taking stock also involves a more personal introspection. This will enable you to find out whether you have all the skills you need, or whether you’ll need further training to acquire the knowledge you lack.
3. Define your business sector
Once you’ve defined your personal and professional expectations, you can choose the business sector or sectors that most appeal to you. To do this, you’ll need to take into account your affinities, but also select a buoyant market to ensure the success of your franchise.
4.Draw up your business plan
Drawing up your business plan will enable you to better identify your future clientele and competitors, establish your financing plan and determine your real needs in this area. This will give you a clearer picture of your project, and will help you in your dealings with banks when applying for financing.
5. Choose your franchisor
To decide which franchisor to choose, it’s vital to study the franchisor’s mode of operation, as well as the know-how and interpersonal skills he or she will provide throughout the duration of your agreement. Their values should be perfectly in line with your own.
6. Select your location
Once again, the location needs to be carefully considered, to ensure that there is sufficient footfall and that the competition is not too close. Beware, however, that franchisors will not agree to set up in a location that is too remote and may not be as successful as expected.
Once all these steps have been completed, all that remains is to sign your contract with the franchisor of your choice. You’ll need to determine all the clauses of your agreement and choose your legal status. Now all you have to do is open your franchise!
Be an innovative franchise
and exhibit on the 1st permanent virtual franchise expo !