What to Consider after Deciding a Business is Franchisable

Introduction
Are you ready to franchise your business? It is suggested to read literature on the subject, consult a franchise expert, and speak with a lawyer and accountant to begin the process. Your business may be a great model for a franchise but there are questions to ask yourself before pursuing the process further.

Questions

What will the impact be on my existing business?
How will it change my activities and responsibilities?
What financing do I require?
Where will I obtain the various skills necessary in planning, implementing, and administering a franchise program?
What other alternative are there in relation to expansion?

Nothing good comes easy
Franchising is a great opportunity, but an aspiring franchisor must realize some things before engaging in the process. The beginning stages warrant many hours away from the original business. The owner has to compensate for his absence through other resources. The owner needs to be a part of the planning for the franchise system.
Most franchisors do not start seeing serious money from the process until they have established multiple units. The mother business will be relied upon heavily in the early stages for financial support until the young stores gain some revenue and acclaim.
What happens in one store is a reflection on the entire system. If the franchise process fails, the franchisor may not have the profitable mother business they once had before the onset of the whole ordeal.

Get through the beginning
Starting a franchise, starts a career change. You will no longer take on your past position, but you will become more of a marketing executive, financier, franchise salesman, labor relations specialist, systems analyst, etc. Once your system gains some momentum, these jobs can be delegated, but in the beginning, it is best to oversee these tasks directly.
Budgeting will be a vital factor in the beginning. Costs such as franchise documentation, creating and registering trademarks and logos, producing the franchise sales package, preparing financial statements, and other elements will arise.
You will need professional help in launching your system that needs to be factored into your budget. Extra staff and training will also take money out of your pocket.