A home-based franchise is a business that could be managed through the phone and online in your own home. Although it is popular for being home-based, it doesn’t mean that you do not have to go out of your home, as there are instances when you are required to go out whether to market your franchise or meet up with potential customers.
Here are tips to creating your own franchise from your business:
Assess the capabilities of your business
If you’re interested in the idea of creating and running a home-based franchise, then you need to assess your business’ capabilities first. Here’s how you should do it:
- Start by assessing your own capabilities as a business owner. Evaluate yourself if you’re willing to be trained, or if you have the technical ability to run a home-based franchise. If not, then educate yourself, find mentors, or enrol in a top investing course for franchise owners that can help you learn how to run a home-based franchise.
- Assess your business’ financial success. The most successful franchises were small businesses that were financially successful and were replicated to different geographical locations. It’s also advisable that before you consider franchising your business, you should already be financially successful or have a cash flow for branches of your business beyond your original establishment. That way, it’s proven that your business is highly viable in different locations, thus prompting more businesspeople to franchise your business if you decide to do so.
- Check if your business is organized. Checking how organized your business doesn’t only help you in the transition of your business to a home-based franchise, but this could also help your business as a whole. This tip is vital because when you expand into a franchise, the people who are going to franchise your business or what we call the franchisees are going to want to know how your business works and what is the system behind your business. So it’s vital that you can provide them with highly detailed information on the ins and outs of your business.
Produce the legal requirements
After assessing your home-based business and you found that you’re ready to franchise your business, then it’s time to dig into the legalities. To legally market your franchise, you will need to produce and register a legal document called the Franchise Disclosure Document or the FDD to the Federal Trade Commission or FTC. The FDD consists of specific information about your business, which may include the business background, projected sales, operations manual, and other necessary info that a franchise might need to successfully run your franchise.
Some areas or countries have different requirements when it comes to selling a franchise. This step really needs to be taken carefully, that’s why you should consider hiring an expert like a franchise attorney or a franchise consultant. They will guide and smooth things out for you during the process. They could also help you on what terms to include on your FDD so that when it comes to the point when there are already a lot of franchises under your business, you won’t operate at a loss.
After you have completed and reviewed your FDD and legal paperwork, you could now register at the FTC. This process usually takes months, and you should be ready for any revisions to be done to your documents.
Hire additional staff
After you have already gained approval from the FTC to sell your home-based franchise, you could hire working staff to help you in selling the franchise solely.
Since your franchise is home-based, you can also have staff working remotely. As long as you have an organized setup or management, you can do all your transactions online. There are a lot of virtual assistants that are skilled from managing to accounting, and marketing to human resourcing.
Since most of your transactions can be done online, you should hire the ones with a high-speed internet connection. Also, you should not forget to recruit the following as part of your staff when you’re expanding:
- Project manager – you need someone who will be in charge of planning your company’s timeline, schedule your meetings, and communicate with the top managers of your company. You should hire someone who can manage your staff and can assure that they can complete their tasks.
- Social media manager – nowadays, social media platforms are necessary for the campaign of businesses. Hire someone who will handle your social media promotions as well as monitor trending topics about your brand.
- Analyst – to evaluate and understand your target demographics and your marketing campaigns, you need to hire an analyst. This person will be responsible for continuously testing the effectiveness of your strategies to improve your company’s growth further.
Market your franchise
Now that you’re done with the legal process and compliance of the requirements, now you have to see if your franchise will sell. Looking for potential franchisees that would have an interest in your business could be a challenge especially if you do not apply the right market strategies for your franchise.
Here’s how you can market your franchise:
- Create a website. One of the most effective marketing strategies is digital marketing, wherein you advertise your franchise online. One of the ways to do it is to create a website for your home-based business. From there, you can hire a professional web manager to generate more traffic to your site.
- Partner with a company. Whatever industry your franchise is, you should partner with a company in a related industry. For instance, you could offer discounts for clients of your partner who will hire your services or buy your products. That way, your high-quality product or service will be introduced to more potential customers.
- Target other markets. Aside from your current customers, you should upgrade the types of customers that you target. For instance, if your business’ customers are from your local markets, then reach out to nearby locations or other areas that have high demands for your product or service.
Also read, How to make profitable orders in the US?
These steps and tips could really help you expand your business into a home-based franchise. But make sure that the services or products you offer could really make clients avail of them again. It would be difficult at first, but with time, hard work, and dedication to the transition of your business to a franchise, then you will surely be rewarded with success, and all the long hours at work will surely pay off.