Business Tips for New Franchises

The consultants at Corporate Business Solutions help the owners of small and medium – size businesses find their path to success.  We realize that many business owners consider franchising because it can provide the opportunity to grow their business fast -- but it may not be for everyone. Below are five important tips that should not be overlooked when planning your franchise model:

1. Have a precise concept - As a business owner, you may be comfortable running on intuition. But as a franchisor, you'll want your franchisees to have a plan in place for even the smallest of daily operations.
2. Carefully chose a franchisee with care - Recruiting the right franchisees is one of the most important aspects of franchising your company. Don’t recruit the first potential person that initiates interest. Refrain from giving the first few franchisees special deals by being consistent in dealing with all members of your network. As a franchisor you must be aware of where the franchisee is getting their funding and what their repayment terms are. Lastly, a franchisee should be entrepreneurial minded but not so much that they cannot work within the franchisor’s system.
3. Invest in stringent training- Solid training benefits both the franchisee and the franchisor. Training helps franchisees ensure their employees have the right skills as well as rise to challenges that will most certainly come.
4. Keep tight controls- Control begins with the franchisor providing significant help in operating the business with a proven marketing plan. Beyond this initial start, it encompasses numerous aspects of the franchisee’s operations: promotional campaigns, accounting practices, personnel policies and being clear on hours of operation are just a few.

To learn more about us and / or to schedule your appointment with the business experts at Corporate Business Solutions, call us today at 877-357-9366.