Your business is successful: you’re making sales, your marketing is effective, and your company's growth is trending up-and-to-the-right. You may be considering what to do next to keep your success rolling, and it's natural for entrepreneurs to think about franchising. The journey from owning a small business to being a franchisor is an exciting one, and MINDBODY is here to support your successful business, whether it's a gym, salon, or spa.
If you want to start a franchise, you may be asking how do you know if it's time to franchise? How do you franchise your business? How do you become a franchisor? If any of these questions resonate with you, we've created a guide for you.
Download our guide for insight into and know-how about:
How to build your strategic plan and become a franchisor
What legal documents a new franchisor may need to start a franchise
What a Franchise Disclosure Document or FDD is, and why you need one
The legal and financial considerations of onboarding franchisees, including the franchise fee
How a franchise attorney or consultant could help you
Being a franchisor is about more than a strong brand. There are financial and legal implications to your investment, and starting with the right attitude and tools will help you provide the best experience for your potential franchise owners and customers. From working with the Federal Trade Commission (FTC) on your Franchise Disclosure Document or FDD, writing a franchise agreement, hiring a franchise lawyer, planning franchisee training, ensuring brand equity, and identifying your target markets, there's a lot to consider when starting a successful franchise.
For example, consider the franchise fee: what will you charge for your up-front franchise fee? Will you require royalties from your franchisees? Will you charge franchisees differently, depending on the market? After all, there are many different strategies to start structuring a franchise company and building a franchise model. You'll need to consider what franchise ownership means when it comes to marketing and how signage is created. Franchise brands have to figure out how to handle customer service, sales, and how franchise owners talk with other franchisees.
Simply put, there’s a lot to think about. This guide will help you ask the right questions to determine if franchising is the right next step for you.