Are you passionate about home restoration? If so, you may be the ideal candidate to create and build your very own franchise. However, before you begin to make moves, there are certain steps to take and things that you should know.
The Legal Considerations
When you enter into a franchise operation, you will have to prepare a standard disclosure. The official name of this document is the Uniform Franchise Offering Circular, and it is required of all types of companies, according to the Federal Trade Commission. If you plan to offer franchises throughout the U.S., there will also be a number of different states that require registration requirements if you plan to offer your franchise in those areas. It is a good idea to seek the help of an attorney for these documents.
The Accounting Considerations
You will need to prepare financial statements for your franchise and have them audited. This will be one of the disclosure requirements necessary under the legal considerations, which means that you will not be able to complete the legal section until the statements have been successfully audited.
You will have to make the decision of whether or not you want to create another company to franchise the concept or if you will use an existing business you are currently operating as your franchise. It is important to hire a professional accountant in order to provide these audited statements and to help advise you in the proper structure for your proposed business enterprise.
System Considerations
The foundation of any franchise is the systems. You need to develop and also document all of the different systems that any franchisee will need for running their business. You will also have to develop some type of training program that will teach new franchisees what they need to know in order to become successful.
It is important that you formalize your marketing plans you will provide to your franchise in order to drive customers to their new location. You should also create a sales system that will be used for recruiting new franchisees to your company. While you can hire an outside consultant to help with this, you should check their references carefully to ensure they fully understand the scope of your project.
When you understand what a franchise takes to start, you may be well on your way to a successful business venture that is all your own.
If you are interested in starting your own home renovation company, you can benefit greatly from the help of experienced professionals. You can also visit Granite Transformations for more information.
