If you’re the owner of a successful small business and you’re thinking about starting a franchise as a way of scaling your business, there are a few things you should know. Whether you’re concerned about quality control or considering franchise financing, the best way to start a franchise with confidence is to be knowledgeable about the business ahead of time. Before you sign an agreement and decide to invest in scaling to a franchise, you can prepare yourself for the ins and outs of the business by learning a few important tips and tricks. Take a look.
Make a Centralized Resource Hub
When you’re running a franchise, you’ll need a simple way to keep all your resources in one place. This helps ensure quality and consistence across all of your locations, and makes your franchisees’ jobs much more straightforward. One great way to do this is to set up a centralized digital hub that all your franchisees can access. You can store brand information and guidelines, approved vendors, important files and even send news blasts or set up easy online chat. With everything in one place, you won’t have to worry about different locations getting out of sync.
Check Legal Compliance
Of course, when opening a franchise, it’s a good idea to get a lawyer to help ensure you’re meeting the guidelines of the FTC-regulated Franchise Rule. Be sure to incorporate legal fees into your expected budget ahead of time so you won’t be hit by unexpected costs.
Choose an Accounting System
Finally, if you decide to turn your business into a franchise, you’ll want all of your franchisees on the same page in terms of bookkeeping. The simplest way to do this is to have one standard accounting system that allows your franchisees to keep track of their finances without the hassle of converting between different systems. When your franchisees don’t have to spend more time than necessary on accounting, they can focus on what they do best, and that’s ultimately what will help grow your business successfully.
Scaling your business and starting a franchise is an exciting prospect, but can also entail juggling some details you might not have thought of, from accounting systems to franchise financing and more. Thankfully, knowing a few key things can help you make informed decisions. With these facts in your back pocket, you can make the right decision for your business and feel confident that you’ll have what it takes to run a successful franchise.