What skills do you require for franchising?
Franchising requires skill and dedication, so that every aspect of the process is applied and executed perfectly. If you are new to franchising, then there are a few important things you should know.
Stages of franchising
Generally, franchising can be broken down into three stages- feasibility, formation and management. The feasibility stage of franchising is all about finding out more about the franchisor, doing your homework and assessing your own strengths. Assessing your own strengths is the most important part of this stage, as if you’re not sure what you want you could end up making a very costly mistake.
The next stage is formation. At this stage, it is very important to train and guide your resources. This stage is all about the process of the franchise business. You should begin by ascertaining what work needs to be done and anticipate future requirements.
During the management stage, it is recommended that you seek the advice of an advisor. Many new franchisors fail during this stage, as they think that they are capable of managing everything alone.
Although these three steps are very important within the franchising process, there are many other factors that you should research and consider before making any firm decisions.