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Is my business ready for franchising?
Each business and each industry is different and there are many indicators in each to determine if your business is ready for franchising. In general, we see most successful new franchises have established processes and systems; have a profitable business model; and a strong brand name. If you are unsure if your business will be a successful franchise, our team conducts a Franchise Feasibility Study for each business we work with.
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How much does it cost to franchise?
The cost to convert your business to a franchise is a significant investment. The development costs range widely depending on the development team and/or attorney you hire to complete it. Our package offers a less expensive alternative than most development teams and attorneys since we provide an all-in-one service. Outside of development costs, there are additional costs including registration fees, trademark fees, accounting fees, advertising/marketing, and sales team commissions.
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Can I license instead?
Many businesses would like to pursue licensing vs. franchising due to reduced costs. This is a very touchy subject and one that the FTC has been increasingly watching over the last ten years. We highly encourage you to speak with one of our franchise professionals or a franchise attorney before pursuing this option to make sure you are in accordance with the law.
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How long does it take to franchise?
That depends on how much time you are able to dedicate to the process. Depending on the complexity of the business and the amount of time the owner is able to dedicate, it can vary between 30 days and one year. We find if you are able to dedicate just a few additional hours each week, this process will often be completed in three – six months.
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Can you help sell a franchise?
Yes! Our franchise consultants can help sell your franchise locations in Colorado as well as connect you with our other offices around the world. In total, we have a reach of about 1,200 of the best franchise brokers across the world.
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Do I need an attorney?
Yes. Although our team prepares your legal documents (FDD) and has an attorney review and approve them, you will need a franchise attorney to help you in your ongoing business operations moving forward. Our team can provide guidance in selecting such an individual or firm.
