You have three restaurants open in your city, and you’d like to build more. At the same time, you don’t have the time to run them all, and you want to start to be able to bring in an income without the many requirements that come with owning yet another restaurant yourself.
Something that you may want to think about is selling your business as a franchise. This helps you bring in an income as the other restaurants do well, but you don’t necessarily have to worry about the day-to-day operations of the business. You’ll get a cut of the profits, giving you a great profit with little work.
Franchising your business isn’t always simple, but there are a few steps that can help you get started.
Get your business organized
To start with, you need to write down the details that make your business what it is. Write down the guidelines that others need to follow to stay on brand. You may need to look at marketing material, business cards, the style of the restaurant and other branding issues at this stage as well.
Get in touch with a business attorney
The next thing to think about is talking to your attorney. They will walk you through a franchise disclosure document and be able to help you understand all the steps involved in setting up a franchise.
Be picky about your franchisees
Finally, if you are ready to offer franchises to the public for sale, remember that you should be picky. Choose applicants who are prepared to run a business and who have the knowledge and drive to help build your brand.
These are just a few of the steps it takes to create a franchise. Our site has more on what to expect on this journey.