The Basics Of Franchising
If you are thinking about franchising your business, you probably have a ton of questions swimming around your head. How do you do it exactly? Is my business even franchisable? Are there other options I should consider as alternatives to franchising?
Then there’s the financial aspects to consider. How expensive will it be to launch and then expand a franchise? And who should I pick to help me? An attorney? A consultant? Is there a difference?
These are all important questions. We suggest before you talk to anyone about franchising, you acquire the fundamental knowledge of franchising necessary to inform these critical decisions. Franchising 101 is designed to give you a quick but meaningful grasp of the basics of franchising.
Check out our five simple FAQs below to get a solid overview. They are the basics of franchising. Skip them at your own peril.
The Basics Of Franchising
This is the first stage of the process and an important one. You are learning the basics and making sure your business is even ‘franchisable’.
Franchising 101 covers some of the most frequently asked questions we hear. These FAQs are the basics of franchising. And remember, we offer a free consultation if you prefer talking to someone. No question is too silly or off the table.
What is a Franchise?
At its most basic level, franchising is simply a specific form of distribution for goods and services. But that’s a pretty generic and wholly unhelpful definition. So let's dig a little deeper...
Why should you Franchise?
With other expansion options available, how do you know if franchising is the right way to expand your business?
Alternatives to Franchising
There are other options to expanding your business other than franchising.
Is my business Franchisable?
You have a successful business and you’ve decided you want to franchise it. How do you know if your business would make a good franchise system?
How to Franchise a business
A good franchisor should train, guide and support a franchisee in every aspect of their business. That means a good franchisor’s training and support infrastructure will never stop expanding and evolving. But, when you start, here are the 6 foundational pillars you’ll need to legitimately consider yourself ready to franchise.
Is Your Business ‘Franchisable’?
There are some big questions to answer before you set out on the path to franchising. Perhaps this is the biggest of them all. This free franchise feasibility evaluation is designed to help business owners understand whether they can franchise their business effectively.
Ask Us Anything. Really.
Need some help? A human to talk with?
No question is to silly to ask – believe us, we’ve heard them all. Let’s set up a time to talk. We will be happy to answer any wonders you have. Contact us today for a FREE consultation.
Some helpful resources
Here’s a few very helpful links beyond Franchising 101 to learn more about franchising.
The Federal Trade Commission, the nation’s consumer protection agency, has prepared this Guide to help you decide if buying a franchise is right for you. It also explains how to use the disclosure document that franchisors must provide. This is just one of the many documents Sparrow delivers for our clients.
The SBA Franchise Directory contains all franchise and other brands eligible for SBA financial assistance. The Directory will only include business models that are reviewed and found eligible under SBA’s affiliation rules and other eligibility criteria. Another big item Sparrow delivers for our clients.
SCORE business mentors can help you start, grow, or transition your business. While they don’t actually do what we do and can’t franchise your business, they can be a great resource for making sure you, and we, do it right. SCORE is available to you no matter where you are in your business lifecycle. Take advantage of mentors and tools to run and grow your business.