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

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