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Franchising my business

Discussion in 'Franchising' started by foodguy, Sep 19, 2013.

  1.  
    foodguy

    foodguy Applicant

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    Hi

    I've been in business for about 4-5 years now and i have been approached many times regarding franchise opportunities.I currently have 2 retail outlets which are in the food sector, both are identical. I do think i offer the best product in town, although this might be down to my personal touch and the best suppliers are very 'lowkey'.

    The franchisee would ideally receive colour scheme, Name/branding, fascia, fixtures and equipment (probably best have these leased out to them?) and i would ideally be supplying all products. In regards to supplying products would this be done via a company like "3663" ?

    After how many years would the franchisee look to be making a return on their money, i.e if they invest 100k would it take 3-4 years to make back that initial investment ?

    I am most concerned with the franchisee taking out a franchise and creating a customer base using my brand and then going to a 3rd party and buying similar cheaper products to sell, or even claiming to make no money and shutting shop then reopening with slightly similar branding and with similar products using the contacts they have acquired from being part of the franchise group. Also how would i ensure quality control as i make everything by hand, how could this be made universal ?

    Finally, What are the main pros and cons of franchising, many have said to me its not worth the headache, time, effort and financial investment, although i have this voice in my head telling me it is and to find out more. Apart from the big names like subway, Mc Donalds, KFC, etc who else has made it from franchising? and just to finish off, what would it cost to make up a tightly knotted franchise agreement, relevant trademarks, etc.


    Any and all advice will be much appreciated and do let me know if i have missed anything important.

    Thanks in advance.
     
  2.  
    ptorres

    ptorres Freshman

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    Location:
    London, UK
    We recently interviewed an expert in franchising and he gave us some really good tips.
    You may find it useful.
    [ame=http://www.youtube.com/watch?v=2sbBqZ6Pcno]Should I consider Franchising My Business? Interview with Brian Allmey - YouTube[/ame]
    Hope that helps.
    All the best.
     
    Mark likes this.
  3.  
    MCSFranchise

    MCSFranchise Applicant

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  4.  
    Franchise Engineer

    Franchise Engineer Applicant

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    Hi Foodguy,

    There are quite a few pro's and con's to franchising your business. The main "con" is whether or not you are personally ready to be a franchisor. It takes a very different set of skills being a franchisor.
    I think the link ptorres gave you was fantastic.
    If you want to get some pointers please feel free to connect with me via Linkedin www.linkedin.com/in/franchisesuccessformula/
    Alternatively just arrange a chat via www.franchisesuccessformula.com

    Regards,

    Sean
     

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