The first step in franchising your business opportunity is to start by analyzing your business model. Is it profitable after allowing for your franchise fees? If it is profitable and has well defined objectives to exploit the opportunities in the market place then you are ready to move to step two.
Can the business model be easily taught? There is no point in having a profitable business opportunity if it can not be duplicated by your franchisees. A training package must be devised that assumes that the franchisee has no prior business experience.
Step three is to create a detailed and well laid out operators manual. This should be divided into two parts: one section for the franchisee and one section for the employees of the franchisee.
Step four is to decide on the initial franchise fee and the ongoing royalty payments. In the initial stages of launching the business franchise, the franchise fee will have to be kept at a very low level to entice the first batch of franchisees. Once you have some franchisees running successfully then you will be able to increase the initial payment.
Step five is to create an ongoing support system for your...
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