The Extreme Expert in International Franchising

Archive for December, 2012

Eight Key Steps in the Initial Phase of Franchising

Posted By:  
  1. FranchiseHave enough initial capital to fund the hiring of a sufficient number of staff to accomplish the tasks at hand. However, you should always lead with revenue so don’t overstaff.
  2. Build a core executive team that you know and trust.
  3. Reach outside your country for industry experts to assist you in the early development stages to ensure the platform is correct from the beginning.
  4. Adapt and localize all marketing materials before presenting to your franchisees. When in doubt set up a focus group of some of your top franchisees and ask for their opinion first and you will save money in the long run.
  5. Prior to translating any policy and procedure manuals, training courses and marketing materials have an experienced English speaker review them with your executive team to eliminate sections that will not be relevant do to the  level of maturity of your market. This will save thousands of dollars in translation fees.
  6. Outsource marketing and public relations as soon as possible.
  7. When creating marketing materials and brochures use your existing staff for images to save talent fees that agencies will charge.
  8. Pay close attention to what the corporate parent creates for marketing and other business models and use every opportunity to access it and adapt it for your own use.
Top