Franchising your business

Franchising your business means licensing your trade name and operating systems to a third party in exchange for payment. However, you will still have some control over your franchisee's operations.

How does franchising work?

You (the franchisor), give a franchise license to another person (the franchisee) that gives them the right to use your trade name and operating systems for an initial franchise fee and ongoing royalties (usually for a specific length of time as defined in a franchise contract).

Benefits of franchising

  • Helps you expand your business faster
  • Requires less capital than other expansion methods
  • Lets you use your franchisees' capital to expand your business
  • Helps you gain more market share
  • Creates a network of franchisees dedicated to your success

Before you franchise your business, make sure you:

  • Get legal and accounting advice from trusted, qualified advisors
  • Have an established track record that would attract potential franchisees
  • Have a solid business model that can be easily replicated
  • Can choose dedicated, qualified franchisees
  • Can implement consistent, repeatable systems and procedures
  • Can maintain your corporate culture as your company grows

Learn more about franchising

Want more?

If you still have questions, talk to our team. We'll help you find the answers you need.

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