Franchise a business as a solo act?
I’m ready to franchise a business on my own. Any suggestions?
I was wondering if you have templates for franchise contracts. It would help me a great deal to know all the parts that a franchise contract before I start franchising my business.
Franchising a business: Do yourself a favor
Honestly, we believe that the only thing more dangerous than what you are contemplating– using ready-made, one-size-fits-all franchise contracts — would be to get a competitor’s offering circular and just put your name, address, and business information in place of theirs. That strategy is simply not a feasible or sensible way to move forward with your franchise business plans. In fact, the odds are on high that you are setting yourself up for failure. If you decide to franchise a business without assistance, it is our opinion that you are taking an unnecessary risk with your money, time, business and, ultimately, your reputation.
Sound franchising strategy always trumps copying contracts
Give yourself a fighting chance by thoroughly studying feasibility and understanding the elements of FDD’s (Franchise Disclosure Documents) and Franchise Agreements so that your paperwork is original and stamped with your business, not the personality of another concept. If you have not done so already, please take some time and read our articles on franchisor success or failure. Going forward with franchise contracts that don’t take into account the nuances of your business strategy is a bad idea. And of course, doing so without expert guidance from a knowledgeable franchise consultant, can be a very expensive and upsetting experience over the long haul.
For these and other reasons, we strongly discourage taking a “do-it-yourself” franchising approach.
And last, consider your potential franchisees. If you are willing to start a franchising company on your own without the benefit of expert guidance, what foundation are you preparing for future franchisees? We’re not saying it can’t be done your way. It is just safer and wiser to do it the right way.