[KKoher]

We're looking into franchise our clothing/accessory store, but have no idea where to start. Any ideas, or advice?

[shawn0001]

I highly suggest reading Michael Gerbers E-myth revised and E-myth Mastery. Youll find all the answers you need.

[LiveWise]

Franchising is a great idea if you can properly reproduce/replicate what you have going. The advantage is getting overrides on work that other people are doing. The disadvantage is that sometimes other people can ruin the reputation that you have worked so hard to get. I worked for a chain of restuarants that were great, but one store of the chain had a bad reputation and it affected the whole chain. Make sure that anybody who represent you and your product to does so in a way that it will hold up to your reputation.

[ltressel]

Google "Franchise Consultants." You should find a listing of firms that you can hire to do this process for you seamlessly.

LT

[CLICK ME!]

Quick question:

Has anyone come into your store and expressed interest in starting a franchise?

That is a quick way to determine whether it's even a decent option.

That's step one.

Originally Posted by KKoher

We're looking into franchise our clothing/accessory store, but have no idea where to start. Any ideas, or advice?

[KKoher]

We haven't had anyone stop in and say they were interested in franchising our store. But, we've had other store owners, Simon mall managment, and scouts from malls in the surrounding areas stop in and tell us we should look into it. We were looking into finding an angel investor, but now I'm thinking franchising may be the better solution for us.

[CLICK ME!]

If you don't have anyone knocking on your door to buy a franchise, you are becoming more of a soliciter, trying to push the supply. Franchises are more effective where there is demand already. However, maybe talk to a franchising consultant to find out your options and opportunities.

[franchisebrief.com]

Beware! Franchising a concept is VERY expensive. For a concept such a clothing store, I would imagine that it will cost you at least $150,000 to start franchising. Of course, you will probably find some franchise consultants (such as FranCorp) that will offer cookie cutter franchising options. AVOID THEM! PM me if you want names of a few franchise consultants with a proven track record.

[Young_Mogul86]

Dont think this task is too hard, Franchising is very simple with calling the right people. In the US, all you need to start franchising a company is a "prospectus" They usually run 10-20k, Its a lay-out of what your business does, income history, and what you offer franchisees. This is put together by a franchise specific lawyer. With a Good connection at a print store, for a very cheap rate you can have all the necessary marketing stuff, franchise materials, and even the proper literature to offer your buyers (franchisee). Get a prospectus, Then offer your company on the Franchise Market... It can be done for under 20K, (my father franchised an advertisment company for 21K and could have spent less.) Any capital you might need after marketing will be obtained via your franchise cost. Incorporate to protect yourself, and bank on the corporate taxing system... Since corporations are taxed AFTER expenses...
You have to understand though, that after you franchise, the items you sell in your store are no longer your primary product, your primary product is the whole store... even If its crap, one sale makes 25% of a years pay OR MORE.

Dont take my word for gospel, look into it yourself and DO NOT start until you are positive its what you want to do... but if your franchise fails, what have you lost? You recouped the initial franchise investment from the first sale, And got 6 months in royalties from that franchise thats failing... in the end you left with your origonal store... why not take the chance?

Ps.. A specialty insurance company can offer your corporation liability protection from lawsuits etc from people who feel your franchise was a bad investment...

[CLICK ME!]

It's really not that simple, and let me try to explain why:

Before you even get to the issues of actually creating the contracts and developing the support, you have to determine whether your business is even franchisable. What I mean by this is that just because you want to franchise your story because you heard you can get rich franchising doesn't mean it's possible.

The first thing you need to do before proceeding further is determine whether there is demand for your franchise. My wife works at a very high end boutique which is just beginning to franchise. The woman who owns it did not one day wake up and say, "Hey, I'm going to franchise." Rather, after a half dozen customers inquired seriously about purchasing a franchise from her, she began looking into the possibilities and ultimately decided to move forward in doing so.

There must be people willing to pay you for your name and support for you to franchise, not just a desire by you to let people franchise.

[newswire]

Hello, Franchising can be expensive and time consuming, and you need to have the format already planned, I found an interesting blog that takes you thru the steps, howtofranchise blogspot

The site also offers some links so you can do most of the Franchise Documents, Manuals and Templates to start with yourself.

Remember to seek legal advise when you have decided to take the steps. Good luck and remember Entrepreneurs are risk takers and if you never try you never know

Jenny Peterson.