Joel Libava
My friend, Charles Internacola, a well-known New York franchise attorney, heard that from an unnamed source at the International Franchise Expo in NYC this past June.
It’s news to me…and, to Charles, who helps put together all the legal documents needed to franchise a business in the U.S.
So, who was it that told Charles that it was easy to franchise a business? Who was this unnamed source? And, why the heck would he (or she) say something like that?
Franchising A Business Is Easy As Pie
Not only is it super-easy, according to the person that approached Charles at the International Franchise Expo, it’s almost guaranteed to be wildly successful.
Here are 5 things that this joker told Charles his franchise development firm can do:
1. They can franchise my business and I wouldn’t have to do anything – they’ll take care of it all
2. I don’t need a lawyer because that just adds expense and they have their own lawyers review everything
3. The only thing I should be thinking about is what fees I should be charging
4. I don’t necessarily need a registered trademark
5. Once I franchised I would be making big profits
Really? Franchising is that easy?
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Great! I have an idea for a business and I think it should be a franchise-type of business. Excuse me for a few minutes while I call Charles. I’d like to find out the name and number of this crack franchise development company.
It’s Really Not Super-Easy
On my call with Charles, he told me that there are a lot of steps involved in turning a business into a franchise.
He pointed me to 7 of them.
None of them will involve anything that’s easy-I promise. Especially the marketing part of starting a new franchise concept.
But, there are consultants in franchising that will tell you things…well, things you want to hear. So, you’ll sign-on with their firms. I’ve written about franchise development companies in the past. Look.
Be Careful
If you have an idea for a franchise-or have a business that’s successful and you want to start franchising it, be careful.
There are way too many franchise development consultants and firms out there that will tell you that, “You really have something,” when in fact, you don’t.
More Not Easy
It’s not easy to sell 50 or 100 franchise units? You’ll be lucky to sell 3-4 franchises in your first year!
Unless you have an amazing concept.
And, even if you do, there are a lot of things that go into marketing and selling it to the right people.
Tip: Get references from franchisors that have used the services of the consultant or firm you’re interested in hiring.
Tip #2: Work with a franchise attorney who’s experienced in setting-up franchises
And, avoid anyone that tells you it’s super-easy to franchise your business.
It’s not.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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