If you have a successful company, and you are thinking of franchising it is a good thing. Congratulations! The franchise can help you expand your brand, reach new markets and avoid the hassle of having to set up each individual location. This is not an easy task. To get the show off on its feet, you will need to make some crucial decisions. Dive into the details at our in-depth discussion on “How to Franchise a Business.”

First, make sure that your company is ready to be franchised. The business should be profitable with a solid brand and systems that are easily replicated. Consider baking cookies. Every batch will turn out differently if the recipe you use isn’t foolproof. The key is consistency.

Create a strong franchise business strategy. It should include everything from a market analysis to projected financials. You can think of it as a treasure-map for prospective franchisees.

The franchise disclosure document (FDD) is the next step. The law requires that these documents include information such as your business model and fees. If you want to avoid any unexpected surprises, I recommend hiring an attorney with experience in franchising.

The marketing material is another important factor. Brochures, websites, and social media campaign–the entire package–will be needed to attract prospective franchisees. Imagine dressing up to go on a first-date. It’s important that you put your best foot forth.

In addition, training programs are important. Franchisees who are new to the business will depend on these training programs in order to know how to manage their stores successfully. Imagine throwing someone straight into the water without any swimming lessons. Not cool.

This manual will cover everything from the hiring of staff to inventory management. You can use this as a bible to keep everyone in the loop.

When you are ready to start looking for franchisees, make sure they share your values and vision. Finding roommates is like looking for a housemate. You need someone who not only pays rent but will also adhere to the rules of your home.

Do not forget about ongoing support. Franchisees still look to your guidance after opening their doors. You can maintain good relations by regularly checking in and updating your franchisees.

Lastly–money matters! Calculate the amount you will charge as an initial fee and for royalties. You want to make sure you are fair while still making money.

Here you go, a brief tour on franchising. The process is not simple, but with proper planning and implementation it can be a thrilling ride!