10 Requirements to be “Franchise Ready”?
One of the most exciting statements that I have ever heard from a prospective client is the phrase, “We want to be franchise ready!” While we have helped several franchises grow, improve or deliver a more consistent experience across all of their locations, most would-be entrepreneurs don’t plan past the first store. They think a logo, website and a franchise contract is all they need to start spreading the seeds of their success.
Several months ago, I was contacted by a woman who wanted us to help her build a concept that was “franchise ready.” Now don’t get me wrong, this is an ideal situation for most new business owners; however, the process of constructing a potentially successful franchisable business model isn’t all that easy. She and I spoke at length about what being franchise ready meant to her, and then we shared what it means to us.
She had a business plan (hooray!) and investors (hooray!), and she even had marketing and positioning ideas (double hooray!), but there is so much more that is required for making a franchise ready business model really different and valuable as a cohesive package for possible franchisees. Here is an overview of what it takes to truly be “franchise ready”:
- A unique (or uniquely different) concept or business model with clear differentiation
- A concept or business model that is repeatable!
- Brand values that are understood internally
- A Brand Value Proposition that is understood and in demand externally
- All information about the brand concept, documented in a way that can be saved and shared
- A clearly defined marketing and advertising plan, including with budgeting and ROI measuring
- All job descriptions, accountability & training specific to that job, documented in a way that can be saved and shared
- All aspects of the franchise’s look, customer experience, and service delivery must be consistent and maintained from location to location (e.g.: signage, interior space planning, color scheme, etc.)
- Employee brand immersion must be evident throughout the organization
- Internal and external communications and social media interaction that is consistent and on-brand!
Can you start franchising without all of these things? Probably! Will you have problems with growth, employee engagement and consistency later? YES.