BOOST Business Coaching

Many people these days want to have their own business. People might also be looking to start their own business but don’t have any idea about how to go about it.

In this scenario, franchise businesses are the solution to their problems. Today there are franchises in all industries. To purchase a franchise, you have to go through three basic steps. These three steps are interview, purchasing the franchise and training. The confusing process of gearing your business up for franchising can be simplified if you take each of these three purchaser steps individually

The Interview

There is an interview process for almost all franchises. You should interview to determine if the potential franchise holder is capable of being a franchisee. Usually franchises will prefer a person who has some business background. But others are not much concerned about the relevant background. The secret is to ensure that your business provides good training mechanisms and excellent business systems to turn even the most novice person into an effective team member.

The Purchase

After this, the next step is that of the actual purchase. You may consider financing a portion of purchase price with a deposit for your purchaser. This purchase price should include the franchise fee, the equipment costs and other ongoing royalties. The franchise fee is usually used to provide the purchaser with training in the use of brand name. Almost all franchises charge ongoing royalty fees. This can be a fixed priced or a percentage of revenue. This is also charged to use the brand name and the business practices of the franchise business.

Training

As a last step, after the purchase is complete, a training date is set. Many franchises have a 1-2 weeks training program. During this period you should aim to train the franchisee in your business operations including systems and processes. Marketing training can also be given to the franchisees in the training period. The marketing techniques vary from industry to industry. Lets face it you already have the knowledge of what techniques work the best in that particular industry.

From the above information, you can see that franchising is not that complex at all. Franchising your business operations, marketing and keeping score systems is a great way to get returns on your capital without giving away your business. Get advice and seriously consider this as an alternative way of growing your return on your capital today

3 Action Steps

Draft a list of pros and cons versus straight out business sale

Consider your franchising options – talk to your accountant, lawyer or Business coach

Contact BOOST and order a $899 BOOST Business Franchise lite programme and let us guide you through the decision making process

Jeff Smith

The Business Coaching Guy