EACH BUSINESS NEEDS ITS OWN FRANCHISE
The development and implementation of any
franchise strategy today can be complex. The
legal documents—Franchise Disclosure Document (FDD)
and the franchise agreement—are fairly
straightforward, but the business decisions that
support what's stated in these legal documents
need to be well-thought through. Getting
guidance from a professional franchise
consultant can be extremely beneficial.
Why a Solid Franchise Strategy is
The good news for potential franchisors is
that the market readily accepts great products,
services, and concepts that provide consumers
with what they want—in the way they want it.
The challenge is to know what is working in
franchising today and what is not then designing
a franchise strategy that is both attainable and
adaptable. For instance, a business franchise
strategy needs to be attainable in its financial
assumptions and short- and long-term projections,
which can be accomplished by doing a Gap
Analysis. A franchise strategy must also be
adaptable in how it reaches a local market,
evolves its product and service offerings,
motivates its franchisees and enforces its brand
Some franchisors try to save money by
ordering franchise strategy self-help kits with
fill-in-the-blank forms for franchise agreements
and FDDs from companies who are unqualified to
serve as professional franchise consulting firms.
Others take someone else's franchise strategy
and simply copy or modify it for their use,
which carries a high risk for both the
franchisor and the franchisees.
Each business is unique and therefore each
franchising strategy should be also.