You need to be realistic about how quickly you can grow. Although new franchisees usually provide the capital for their operations, you will be involved helping them set up. For example, you will have to run initial training, or provide hands-on support when they first start trading.
This means that you may only be able to cope with one or two new franchisees at a time. You may also prefer new franchisees to be relatively nearby, making it easier to visit them. Many new franchising companies aim for a gradual roll out across the country in this way.
Once you have decided what to offer franchises, you need to prepare a prospectus. This tells potential franchisees what you are offering and what they can expect. It should include:
Bear in mind that you are generally competing with other businesses to attract potential franchisees. At the same time, think carefully about what kinds of people you want to apply. They should have the finances needed to invest in the business, and the right management skills and attitude.
To attract franchisees, you may want to advertise in the business opportunities section of a newspaper. Franchising exhibitions can also be a good way of recruiting potential franchisees. Find information about major franchising exhibitions on the British Franchise Association (BFA) website. There are also several websites where you can advertise.
Joining the BFA can increase awareness of your franchise. Find out about the benefits of joining the BFA on the BFA website.
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