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Starting a business with the intention of selling franchises.

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Walter Hay

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The outright sale of a business doesn’t often take place until it has been trading for a long period of time.

This thread is intended to produce some ideas for those who see an opportunity to develop a business that could be saleable after a year or two of profitable operation.

My point is that if any business is saleable at any stage in its life, it can probably be franchised with all the benefits resulting from growth that might otherwise take many years by way of usual growth strategies.

I have already posted a chapter of my franchising book outlining what I see as the necessary criteria for a business to be suitable for franchising. See: Rapid Scaling a business by franchising

What I am suggesting is that it could be worth considering starting a business specifically with the intention of franchising it in a relatively short time.

The possibilities are endless. I listed in my book nearly 100 types of businesses that are already being franchised, but real entrepreneurs won’t need to read through that list. It might start the thinking process, but you will find many lists of business types on Google.

Walter
 

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Walter Hay

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Great idea @Walter Hay!

Do you know of any way that someone can get a copy of the operations manual of a successful franchise?
An operations manual is a tool that teaches how a profitable enterprise runs. It answers the question so often asked in various ways on forums: "Can someone take me by the hand and give me step by step instructions on how to run a successful business?"

It is almost impossible to get a copy of one of those very valuable manuals, but watch this space.

Walter
 

Rawseed

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An operations manual is a tool that teaches how a profitable enterprise runs. It answers the question so often asked in various ways on forums: "Can someone take me by the hand and give me step by step instructions on how to run a successful business?"

I agree with you. It's like finding a treasure map. Or being gifted the winning lottery numbers in advance.

I knew it was a long shot. But, I thought I'd ask anyway.
 

Walter Hay

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I agree with you. It's like finding a treasure map. Or being gifted the winning lottery numbers in advance.

I knew it was a long shot. But, I thought I'd ask anyway.
Those Operations Manuals are worth their weight in gold if the franchise system is successful, with it being a win/win arrangement for both Franchisor and Franchisees.

This is why I took two legally enforceable security steps to protect that valuable asset:
1. In the Franchise Agreement it was specified that all things that identified the business had to be surrendered when an Agreement was ended by either party. Number one on that list was the Operations Manual, followed by newsletters, sample advertising materials, publicly exhibited logos etc.
2. The Operations Manual constituted part of the Agreement, and specified that if obsolete due to replacement with updates, it must be destroyed. Even previous updates had to be destroyed. Only the latest copy of the Manual was to be kept, and that must be secured from employees when they were not reading it for learning purposes.

Sounds tough, but you don't leave gold lying around the office.

Walter
 

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