Opening franchises is one of the best ways for new business owners to build off of the success of an established brand. It takes some of the risk of starting a new company out of the equation and makes it easier for your location to grow and thrive in an already crowded market. However, taking your business idea and turning it into a marketable franchise isn’t as simple as you might think. Here are a few proven tips from experienced franchise owners to help you make the jump as successfully as possible.

Make Sure Your Idea Is Franchise-Worthy

Before you can start selling franchise locations, you need to make sure your idea is worth turning into a franchise in the first place. Think about the types of competition you have. You don’t have to be the only company offering a certain type of service, but your brand should do it better than the others. You should also have the willingness to support new franchisees in the beginning so they can present your brand in the best way possible. If you’re not willing to be a support system in the early days, you may not want to turn your company into a franchise just yet.

Create Resources Early

When you sell franchise licenses, you’re giving those buyers access to your brand and your company name. It may be their money on the line, but it’s your reputation at risk. The easiest way to set them up for success so your brand can grow is to provide them with clear resources. Before you sell your first franchise, start putting together the resources buyers will need to be successful. This may include branding guidelines, vendor suggestions and anything else that speaks to the way you want each location to operate. Give buyers access to those resources from the beginning so each location can be consistent.

Consult With an Attorney

There are many factors that go into turning your business into a franchise. You’ll need to satisfy certain legal requirements, draw up franchise purchase agreements and make sure everything is acceptable under the law. The best thing you can do is speak with an attorney as soon as possible. They’ll be able to review your documents and business practices to make sure they’re in compliance before you start attracting franchisees. This will make it easier to market your company and attract qualified buyers quickly.

Turning your company into an operation that supports franchises and multiple locations is tough. Keep these tips in mind and you’ll be on the right track from the beginning.