How (and when) to franchise your business:
When determining whether to move forward with franchising your business, your ability to commit to the process outweighs all.
Simply put, it’s the wrong time to franchise when sales are down. Franchising isn’t a means of turning your business around—the ideal time to grow through franchising is when things are heading in a positive direction. When evaluating whether franchising makes sense for you as a business owner, it’s important to do some self-reflection to help determine if your business is in a place where you can mentally and physically commit to stepping out of the daily operations and into more of a management role.
As such, it benefits all new businesses entering the space to enlist the expertise of those familiar with the industry. Hiring specialized franchise attorneys to assist in the drafting of your franchise disclosure document , as well as accountants with the knowledge base to verify the financials included in your FDD, helps to create a complete document.
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