Franchise guru Armando Bartolome tells us the requirements needed to franchise a business.
Q: What are the requirements that I need if I want to franchise my business?
- Business Concept. Define what type of business you have
- Longevity. How long has the business been in existence?
- Profitability. How is the financial picture of the business?
- Products and Services. Are these well defined and consistent in quality?
- Duplication of branches. Are there other branches which are set up? How consistent are they?
- Documentation. Are the procedures written and easy to follow?
- Commitment. Is the entrepreneur committed in accepting franchisees?
- Inquiries. Is the company receiving inquiries from various people if it is franchising?
Armando “Butz” O. Bartolome is currently President of GMB Franchise Developers, the pioneer franchise development company in the country and is behind the growth and expansion of over 200 local companies. You may reach him at [email protected] source: www.entrepreneur.com.ph, photo from stayonsearch.com