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| | What is the procedure for franchising a business? | In the first instance, a feasibility study must be
carried out to ascertain whether the business model is suitable for franchising,
the profitability of the project for both the franchisor and the franchisee
should be estimated and the conditions which will define the franchise project
should be established.
The operations documentation for the project should
then be compiled. This documentation should be based directly on the
franchisor’s practical experience and elements which define the franchise
project. It is paramount that this knowledge and experience are transferred in
order to ensure that the franchise package is homogenous and free of personal
variations which could affect the tried-and-tested business scheme. It is also
important to establish procedural and management standards for the franchise
network, determine responsibilities, rights and obligations for each party,
outline the joint corporate image as well as fit-out requirements for
premises.
The following elements should be included in the operations
documentation for franchise projects:
- Operation manuals
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Franchise agreement
- Visual identity and corporate image
manual
- Business plan
- Specification manual for fit-out of
premises. | | Santiago Barbadillo, Consultant |
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Franchise Information
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