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Essential parts to the conceptualization and implementation of a franchise development plan:
Clearly defined business concept
- What exactly is being sold to future investors
A strong and attractive image
- An image that sells the business concept
Incorporated as a franchise operator
- To function as a franchise requires a specific organizational setup
A solid financial model
- To sell a franchise you will need to demonstrate it is financially viable for both you and the franchisee
Attention to the legal side
- The contract will need to specify items such as royalties, lifetime, renewal, territory, obligations, intellectual property rights, dispute resolution process and reasons for termination
Quality operating manuals
- Containing every detail the franchisee will need to operate according to established standards
Team-working with franchisees
- Provision of technical assistance and training
Developed supplier network
- For all necessary products, sourced both locally and nationally
Source: altonivel.com.mx
More on this topic
May 2011
The growth and positioning of franchises in Costa Rica is encouraging more entrepreneurs to opt for this alternative.
The franchise model under which a company sells another company the use of its trademark and business concept, and which must be operated according to certain characteristics identified by the trademark owner, has gained strength in the country in recent years.
April 2010
If a business is successful somewhere else, it doesn’t mean it will be automatically successful in our market.
Studying consumption trends in more developed countries is a good source of potential business opportunities. If a product or service is selling well and being profitable in a country, it is likely to be successful in another.
September 2011
The chain, Choice Hotels International, plans to expand in the country offering new franchises.
Rodolfo Giullioli, development and strategy director of Real Hotels & Resorts, said that in recent months meetings have been held with potential partners that meet the quality standards required by the chain.
August 2009
Franchising is always an option for expanding a successful business model.
In theory, any business can become a franchise. However, not all activities are ideal to be developed under this model, so a good diagnostic is the first step, to check the viability of the model in each particular business activity.
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