What will I need to do to prove my franchise concept works?
Sunday, August 29, 2010/
Like any other kind of business, rolling out of your franchise system may take a bit of trial and error.
You should thoroughly research the market you aim to launch in and get advice from a wide range of sources, such as a lawyer, accountant and franchise advisor.
Make sure you have a finance plan in place and all the support services lined up for your franchisees.
“You should test the concept in company stores in different areas,” says Steve Wright, executive director of the Franchise Council of Australia.
“The speed in which you do this is relevant to your business. You wouldn’t approach a mowing business as you should, say, a big box business. You have to approach it differently.
“I can’t say that slower is better. Some franchises are encouraged by the pace which they start up.”