Effective Steps to Transition from Franchisee to Franchisor
Posted by James Miri | August 25, 2014
Becoming a franchisee at the early age of 25, the transition to a franchisor definitely has been fraught with successes and hardships. Many believe that the progression from a franchisee to a franchisor is a walk through the park. In reality, after 10 years and many grey hairs later, transitioning is a very complex process. These following steps present entrepreneurs a clearer path and achieve the goal of advancing from franchisee to franchisor.
Start from scratch
When transitioning to become a franchisor, attempt to maintain your current job. From there, begin creating ideas for your concept of the business. Start writing your business plan including goals, principles, etc.; create your logo and start developing a manual and procedure booklet. This will take a substantial amount of time, thus why you will want to continue working at your existing job.
Differentiate Your Business
You always want to stand out from your competition. Research your competition and the strategies that make them successful. Find out what that void is that needs to be filled in that industry. You always want to be a step or two ahead of the competition.
Expand your business
Once your company is well on its way to being established, put in that two-week notice! Find out what vehicle works for you in order to expand. The goal is to try to help other business owners build a successful enterprise.
Too many people work extremely hard for someone else’s gain. In order to successfully transition from franchisee to franchisor, build your business based off your experience and create a business model that has tremendous growth potential and personal satisfaction.