Don’t spend time resenting time spent preparing each franchise document because the experience can become vital preparation time as well.
By Fran
Filed under Franchise Articles
Each franchise document that has to be prepared serves an important purpose in the preparation that you and those who would buy your franchises must go through. As the company who will offer franchises to eager investors, it is up to you to prepare each and every franchise document well before you get out there and start selling those franchises aggressively. It is easy to want to put together the marketing campaign to the many excited future franchise owners all of whom are clutching big handfuls of money to sink into buying a franchise from you.
Resist that urge to rush to the recruitment stage to quickly. That will be the exciting part but use that future excitement as incentive to take your time and put together rock solid franchise documents that will serve you well when the time comes to get active in your quest to franchise your business. The good news is that with few exceptions, you will only have to prepare each franchise document once. From then on out, you can use that vault full of great franchise documents to bring on hundreds of productive franchise owners to help you expand your business rapidly.
When the space program gets astronauts ready for space travel, they use flight simulators so they can imagine what it will be like out there. In a way, preparing each franchise document can serve as a form of flight simulation to get ready for you to launch into the stratosphere of franchising. When you prepare the franchise disclosure document, you have to brainstorm every possible thing that must be disclosed to a future franchise owner so they will come to the table ready and equipped to sign the franchise documents and hit the ground running making their new franchise a profit generating machine.
In other ways, preparation of the franchise agreement and even the franchise operating manual all force you to think about every detail of how it will be for the franchise owner to be part of your organization and what that new partner will need to be a massive success out there and send massive franchise royalties back to you.
Creating a franchise document qualifies as “on the job training” time for going live as a growing franchise business.
The good thing about working through a franchise document is that it forces you to slow down and think into the future about how your relationship with your franchise owners will work. It is impossible to get in a hurry and do a good job of putting together quality franchise documents that will stand up when you get into the fray of creating a new franchise chain from the ground up. Each franchise document is a significant undertaking that will require good advice and research. You will be called upon to do some serious business planning on how your franchise will operate, what you want to happen in every one of your many franchises and what should never happen as well.
Don’t try to create each franchise document by yourself. Calling in the Calvary is not only allowed, it is advised. You have a business full of experts in every aspect of how to be a success. It is that team that has brought you this far. Depend on them to give you insights on what should go into each franchise document to take your success to the next level.
Don’t be afraid to tap the wisdom of great minds of franchising. Be aggressive in learning what very successful franchise gurus know about each franchise document. The internet can help a great deal with that quest but don’t overlook your network of business associates. Buried in that network may be some real franchising experts who can give you insights that should go right into those franchise documents.
If you put this kind of tender loving care into the franchise documents, the end result will be that you will go into this adventure of starting a franchise fully prepared. Your franchise documents will look great and you will feel confident in them. That feeling that you are prepared and confident will ooze out of you as you stand up in front of that first meeting of excited future franchise owners and get the ball rolling recruiting your army of franchisors to turn your business into the next big franchising success story.