Franchising a business should not be taken lightly – it’s not just an expansion, it’s an entirely new business model that depends on you doing it once, and doing it right. Setting up the foundations thoughtfully allows you to scale the model and grow your business successfully.
Don’t: Think that this will be a breeze
Do: Have a candid conversation
It’s time to get real about how your business is travelling. Be prepared to have it all put under the microscope: your financials and business model, as well as your values and reasons for wanting to franchise. On that note, do your bloody homework! Location Intelligence, financial mapping, competition and market analysis, as well as creating a scalable business plan for the long-term. Careful consideration must be given to the systems, processes, cash flows, roles and responsibilities, and fees, to ensure mutual profitability and integrated workflows.
Don’t: Try and do everything yourself
Do: Get back-up, you’re gonna need it
In developing a franchise, it’s critical that you get support from people who have been in your shoes. We’re not talking about some stock-standard consultant advice, but a real franchise development team that tailor the process to you and your business. We know that the biggest source of stress in this process is often financial – but don’t sweat it, we’ve got your back. We provide finance options to help build and launch your franchise system, so you can hold onto your piggy bank.
Our team at BDC Partners is comprised of key industry players in franchise finance, accounting, insurance, legal, brokerage, and commercial fit-out – so you have it all at your fingertips. Running a business already takes up a lot of time, so as a franchisor with multiple businesses under your belt, you may need to look at ongoing support systems that can easily plug into your business to keep it running smoothly – marketing and digital systems, HR, and retail property for example.
Don’t: Rush the make-or-break decisions
Do: Be choosy with your franchise partners
Proper franchise recruitment is CRITICAL for your success – take it from us, we’ve been there. Profiling tools and gathering data about you and your business, as well as potential franchisees, is a no-brainer. Rather than sifting through hundreds of unqualified leads, our franchise recruitment team help to target and find your holy grail franchise partners. When done right, franchising your business is an exciting and satisfying process. If you’re thinking about growing your baby, let’s grab a coffee (or a beer) and map it out together.
The BDC Partners team
