A Practical Look At Franchise With Profran Consultants
t’s Time To Expand Into A Franchise
Franchising, which is one method of expansion, has become increasingly popular in the past three decades. There is no doubt as to its success but the important questions are whether it is right for you and whether you are ready to be a franchisor. Profran Consultants, Inc. provides what is considered by many the best consulting and development services in the nation.
You first need to grasp that franchising is a business in and of itself. Your existing business ( the underlying concept which you want to franchise ) is another business. It is, of course, beneficial to have a unique or superior service concept to offer to the general public ; [**] it will not hold up well without a good franchise system built around it. Inversely, some less than excellent concepts have built a name for themselves as a result of a superior franchise system. The offer of a franchise is subject to state and federal regulations. The penalties for failure to comply with those laws can be damaging both to our pocketbook and your reputation. You must present prospective franchisees with a specially prepared discovery document ( known as an offering circular ) in strict compliance with those regulations at least 10 business days before they sign the franchise agreement or pay you any money. There are also fifteen states that may need you to register the offering and submit the declaration for review before promoting can occur within their jurisdictions.
Furthermore, any form of advertising which is used to solicit a prospective franchisee must obey governmental laws.
Although Fed and state regulations do significantly hold back your capability as a new franchisor to show the earnings potential of an outlet to a prospective franchisee, it is still smart to have a prototype of the typical outlet in existence in order to show the feasibility of the theorem and your actual hands-on experience in its operation.
To be a successful franchisor, you must be committed to meet these and other necessities. [**] it is very possible for you to do this in an efficient manner with a bit of help from people experienced in the franchising process - so long as they have your best interests at heart.
We believe in teaching the customer to do or oversee as much of the work the customer is willing to do himself. The major advantage is that the customer receives a larger knowledge of what franchising is all about and receives first hand coaching on how to become a quality franchisor, rather than relying on others who may not have your total interest at heart.
Proper franchise development does take time. Relying on the extent to which you wish to plug your offering, you should be prepared to devote half a year to one year to that task. Additionally, registration of your offering with a state regulatory agency can take a fair deal of time and patience.
Who should you decide to develop your franchise system? Profran Consultants has the experience and track record to take you thru every aspect of franchise development. Request an one hour’Free’ consultation today! Ken Hollowell has over 30 years experiences in franchise development.
One franchise Ken is very excited about is Skadoit. You may want to take a serious look at this franchise.
Ken Hollowell has been consulting with potential franchisors for over 30 years. As of 2009, Ken has developed over 800 different businesses.