08 Sep, 2017

Setting Up A Franchise

Setting up a franchise requires you to make numerous important decisions concerning the operation of your business, expected taxation obligations, and the chances of leaving the business in future. You also need to observe a number of regulations before you complete your franchise purchase. For starters, the level of regulatory processes that you may be required to comply with may be a bit surprising. By setting up a franchise business, you stand to create opportunities and responsibilities for yourself and your prospective employees. By choosing to start your own independent business, all the risks that are involved fall on your shoulders. On the other hand, buying a franchise ensures that you’ll most likely get a proven business system that guarantees success. Before setting up a franchise, there are a number of factors that you need to consider: First and foremost, the franchisor should be proven to be successful. The franchise should have a unique image, name, and brand. It should also have the systems and clear operation strategies. There should be a detailed plan for the development of the franchise network. This should include suitable ways of recruiting and training prospective franchisees. Business models should be easy to replicate in the respective franchises that you want to establish. You should have reliable personnel to offer training, ongoing support and other assistance to the prospective franchisees. Other personnel that are important include auditors and operation managers who ensure that the image and standards of the business are maintained throughout the network. The business must show potential for profitability. The prospective franchisees should also see the ability of their own franchises making money. The business should be able to make enough money to cater for training and ongoing support services. The business should have clear communication structures The business should have strong and qualified professional staff. A Business plan is one of the greatest aspects of your new business venture that you should create when considering setting up a franchise. Potential franchise owners should begin by preparing a reliable business plan. Your business plan should be realistic and should include such things as business mission and vision, the history of your business, mention of the top management and staff members, your target market, the kind of training and support you intend to offer to the prospective franchisees, how you intend to implement your business operations for the next one financial year your financial obligations and possible means of funding.