Franchising a business is not an easy task.  There is a huge gap between running a successful small business and actually franchising it out for other people to buy.  If you have read my post on Franchising your Business, I talked about some of the things that you might be looking at if you are looking to franchise your own business.  I will be writing most posts and several about how to buy a franchise.  In both cases, you are advised to consult or hire a specialist in franchising.

Franchising a business requires some strategy, operations manuals, marketing plans and materials and especially legal documents.  Without a how to franchise your business guideline and step by step you will be in the dark, or looking for the answers somewhere.   There are franchising books available online and at your local book store, but often they are outdated.  The reason they are outdated is the time it takes to write and publish, by the time you find it and read it the market has changed.  That alone should convince you to look for a franchising consultant in your business field.  In most cases, the business consulting firms offer services that are generic and apply to nearly any business and franchise venture.  They will customize or tailor their “presentation” to meet your needs.

Do not get me wrong, I do recommend consulting a franchising expert when it comes to both investing in a business or franchising your own business.  You first have to determine if your business is franchise-able in the first place, again this is also something your own research can do, as well as with the help of a qualified franchise consultant.

Lets say that you have everything order to market your business as a franchise, you have your operations manual completed, you have a training plan, you have been in business for many years and have been successful and are growing, you have a unique or distinct service or product with minimal competition.  You basically have an ideal business to market and franchise but you are lacking the initial capital to expand yourself.  Now what?

Have you considered your legal documents? You will want to make sure that all your paperwork and legalities have been fully reviewed by a competent business lawyer.  You can write or use existing business formatted legal papers.  A business is a business and there is a standard and guideline to how your legal documents should look.  However, with any industry, there are people that more then others, same goes for lawyers.  Your best bet would be to hire someone with experience and expertise in small and large business franchising.  There are some franchising business laws that can help your business succeed in a competitive market, while others might restrict your growth potential.  Having that unique industry knowledge will be a big benefit when you buy or franchise your own business.

Now you have to market your business.  Where are you going to do that?  the local papers?  Or , are you looking to buy a franchise.  Looking and advertising in your local papers today is not very productive.  I would estimate that less then 2 percent of franchise sales are listed in local newsprint.  Most of it is online now, over 75 percent.  The remainder of franchising opportunities are through word of mouth, business events and other print advertising such as magazines.  Another portion of the franchise leads are directly through franchise consulting firms, where they can connect prospective buyers with franchise sellers.

In reality, there is probably enough information online where you can make a good guess on the proper and most cost effective way to franchise your business.  But who knows how long it will take to sift through all that information.  If you are looking to buy a franchise or franchise your business, you should at least talk to one or 2 franchise consultants before you proceed with buying or marketing your business.  You may have missed something along the way or the consultant may have a better way to do things and might actually make you more money in the end.