Many entrepreneurs start a business with the goal to eventually franchise it when it becomes a big success, but that transition from one location to many is not always easy. So, what exactly is the best way to kickstart your new franchise without compromising the success of your current business? These ways will ensure that your franchising process is as efficient as it can be. 

1- Prioritize Research and Development 

When starting, research other franchises throughout the world to see how they were able to make them into the huge successes they are today. As they say, if you’re going to steal, you might as well steal from the best. That is as long as it’s legal, of course. Another thing to keep in mind is the multitude of fees associated with starting up your franchise. Whether it’s industry fees, marketing fees, royalty fees, or liquid capital, you will need to be on top of your game when paying these fees in full and on time. 

Once you have that under control, you’re going to want to evaluate the types of businesses that are already in the area to ensure you’re not stepping on anyone else’s toes in that regard. For example, if you run a paper company and want to add another branch to the Pittsburgh area, you should check to make sure there aren’t any other similar businesses operating in that particular city. Although similar businesses can coexist, you want to make sure you’re not setting up a big competition that could result in either business going under. 

2- Use Proper Technology 

The right technology can greatly improve franchise operations. It’s important to choose the software that works best for your company. Make sure that it suits your particular needs when it comes to marketing, accounting, inventory management, or all of the above. 

Once that’s done, consider setting up social media accounts to help engage with your customers and build a loyal base. You can use this technology to communicate important information to your clients as needed. Additionally, it will help you to analyze current data, patterns, and trends to help improve your franchising in the future, ensuring that you always stay steps ahead of the competition. 

3- Handle the Business Logistics 

From there, you’ll need to sign your franchise license agreement. Make sure you read it thoroughly beforehand. You want to know exactly what you’re getting yourself into. Alongside this step, it is time to form a business entity. Whether it’s an LLC or a corporation, you want to make sure you choose what is best for you. 

As they say in real estate, it’s all about location, location, location. When selecting a space to house your business, make sure to inspect the property thoroughly to ensure that it suits all your needs before you put down a deposit on the space. Don’t be afraid to hold off on buying a space for a little while if you can’t find anything that happens to be exactly what you’re looking for. Sometimes, playing the long game can be a good thing for your business. 

4- Hire Qualified Employees 

Once you’ve found your dream location, all that’s left to do is hire your employees. Make sure you screen every candidate thoroughly to ensure they are the perfect fit for the position. This may be your only opportunity to have a franchise, so you certainly would not want a few bad apples to spoil the entire orchard for you. If you’re worried, consider consulting a franchise supplier for help with your hiring process or anything else you may need. Once you’ve filled every position with employees you’re certain are perfect for the job, you’re ready to get your franchise up and running. 

5- Set Up Payment and Billing Procedures 

When you’re starting up your franchise, it’s important to ensure streamlined and consistent billing and payment practices throughout your entire system. Using an A/R Automation Platform like Biller Genie to automate repetitive tasks frees up your franchisees so they can focus on growth, not administrative busywork.  In addition, these solutions help to strengthen brand loyalty by providing the same checkout experience to every customer across the country.