Some golden rules for a franchisor
If you are a new franchisor then you should follow a few guidelines before you get started with your new business. To start a business is quite tough, so it is necessary for the franchisor to stick to some golden rules.
The first thing you should do is contact the BFA - British Franchise Association. This association has immense knowledge about the sector and different franchisors. The BFA publishes a guide for franchising and it is suggested that you should get a copy of it.
You can even attend a seminar organised by the BFA. All the potential franchisors in the seminar will surely help you to gain further knowledge about the franchising sector. You can gain information that may help you in growing your business. You should also have a talk with the existing franchisors. They will be able to provide you with some practical and general advice on the disadvantages and advantages of being a franchisor.
You can contact some consultants who are affiliated to the BFA. They have a vast knowledge about the industry and they can provide with the right guidance and unbiased advice. You can structure you business plan in advance so that you do not end up making any mistakes. It is suggested that you protect your brand. You should also register your patents and trademarks.
These are some basic rules that you should stick to in the development of a franchise model for your business. Stick to these golden rules and you will be a winner.