Wednesday, December 4, 2013

Wants to be a Franchisee of Supercuts?!


Starting a franchise company is not an easy or inexpensive process. There are a number of requirements you will have to meet and a few other things that, though not legally required, are also essential. Some of those are the following:

Legal. You will be required to prepare a standard disclosure document for your franchise operation

Accounting. You are going to need to prepare audited financial statements for the franchise company. This is actually one of the disclosure requirements under the legal section above so you won't be able to complete legal until you have your statements audited. 

Mindset. One of the most important things you need to do in order to be a successful franchisor is to have the right focus and attitude. In your existing business, you're the boss, you have employees and they probably do what you tell them to do without much resistance. Franchisees are quite different from employees and you need to make sure you don't treat them as if they were employees. Successful franchisors use a lot of persuasion to get the franchisees to do what they want rather than issuing orders. 

Here's one successful story of a franchisee who took all the risk to have a business of her own franchising business.

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