Your First Franchise
By FranZoom
Filed under Franchise 101
The very first franchise sale is one of the most important as it details how the rest will need to be performed or if changes need to be made. The learning experience on this one act alone will clearly show if the bond between franchisee and franchisor will be strong. You will both have a learning curve and need to adjust accordingly.
As the first franchisee you have an excellent opportunity to be in on the “ground floor” or “grassroots” of the franchise organization. This often entitles you to be consulted about many decisions on the direction of the organization and any time that needs a re-write. This is your time to shine as your ideas will be put into use for the next new franchisee. So if you want to make an impact into your new franchise business this is the best way to do so – be the first!
As for the franchisor this first franchisee is your gateway to branding your product or service and getting it some exposure that it needs. Helping this first franchisee is of the utmost importance and ensuring their success will only add to your growing list of profitable organizations that can be shown within your Franchise Disclosure. The FDD will prove to interested parties how well your franchise system is working and will often lead to faster closings.
Look to the people you already have working for you to be your first franchisees. These individuals already know the layout of the business and are able to reproduce it without you being there. These managers and employees will also be your trainers to the new franchisee so be sure they are kept up to speed on paperwork as outlined in your FDD.
Changing or altering your FDD in any way will need to be done so electronically. Quite often the rules will change dependant upon the sate with which you will sell franchises. Having these digitally stored is franchising magic at its best – the ability to reproduce a document and send it electronically in seconds will ensure your franchisee sees you are technically savvy and able to quickly produce the paperwork needed.
