Franchising your business is all about getting franchisee's excited in your venture so that they will put their money and also market your brand. In order for franchisee's to do that, you need to have a solid product / offering which is very compelling. Without that, it will be very hard to sell your franchise.
Let's assume for a minute that you have a business worth franchising. Here are some of the questions you should ask yourself before you take the next step.
1. Can the success of this business / store be replicated by someone other than me? Are the operations well streamlined and well documented.
2. How much reliance will the franchisee have on me as a franchisor and am I willing to provide that kind of support?
3. Before providing rights to others for carrying out the franchise. It's worth trying to have a few branches of your own so that you will understand what kind of challenges you may face when you franchise your business.
4. Can you provide good profit margins to your franchisees while maintaining your profits healthy? Otherwise it may not be a great idea to franchise your business.
Once we have answers to the above questions, you can come up with a brochure which explains the details of your franchising plan. It's good to mention the details in a conservative manner to avoid any discontentment from franchisees later on. With a franchise / business plan, you can start reaching out to potential franchisee's and get a feel of what they think about the idea. When interested members are keen on taking up a franchise, you should get all the legal contracts drafted and explain the risks associated to the franchisee owner so that he is aware of what he is getting into and seal the deal finally.