IFA: We Are Officially a Franchise… Now What?

Once a concept is officially a franchise, there are a few crucial steps to ensure the franchising future runs smoothly.

Steve Beagelman, president and CEO of SMB Franchise Advisors, joined the IFA WednesdayWise webinar to discuss what a new franchisor needs to know.

“The Franchise Disclosure Document is the most important thing, no doubt about it,” Beagelman said. Working with a consulting firm and qualified franchise attorney can ensure that the FDD is both compiled well and includes the correct information.

An operations manual, franchise website and strong Discovery Day plan are equally important.

Building relationships with strong vendors allow franchisors to better grow as well.

“Having a relationship, whether it’s with a funding partner, payroll company, technology… When you’re an emerging franchisor, you don’t think it’s important initially,” Beagelman added. “You just want to go out there and sell.”

However, developing these relationships can mitigate many of the challenges that can be crushing to an emerging franchisor. Having the correct systems in place to attract, evaluate and implement the best franchisees is what will best set the concept up for long-term success.