franx mistakes to avoid when franchising your business

Expanding your business through franchising may be your dream, but getting there requires extensive planning, resources and adaptability.

Mainland* CEO Nick Powills and franchise lawyer Charles N. Internicola discuss common franchising mistakes and five areas of opportunity for early-stage franchises to consider:

1. Trust, but verify. When discussing with consultants, ask for references and evidence to support their claims.

2. Have a five-year business plan. Don’t just rely on brokers or luck.

3. Come to the table properly capitalized. Plan to have half a million dollars to start franchising your business.

4. Show that you have a culture that will drive margin for your franchisees. Invest in providing a culture of support.

5. Have a business model that works. Growth isn’t possible if the business doesn’t bring in revenue.