How Much Will It Cost?
Typically, Franchising a Business Costs Between $25k & $60K
Initial Costs Are Based Upon Your Development Needs, and Your Current Organizational Assets for Coaching and Managing Your Franchsise System.
Initial Consultation & Foundation Phase (Phase 1) - $5K
We begin our process with a (free) initial consultation. This is necessary to determine if the business model is ready to begin franchising. If franchising is a viable expansion option, we will request some preliminary information from you before presenting a contact to begin the Foundation Phase aka "Strategic Planning". The contract includes process outlines, services costs schedules, and a general timeline, each of which is addressed in detail during this initial phase of development.
During the Foundation Phase, we lean about your business model and the organizational assets you company currently utilizes - the training tools, guides, processes, and software systems. We learn about your business coaching culture to properly determine your development structure; and, we learn your goals and objectives. Together, we determine the range of services you seek from us to achieve your expansion objectives. Upon completing Phase 1, you are provided the option of memorializing the services agreed upon or cancelling the contract without any further obligations.
Factors to Consider:
There are many new factors to consider when franchising your business, especially for someone who is unfamiliar with the franchising process. Franchising, at a minimum, requires you to create new business entities, and the development of an operations manual in tandem with preparing franchise disclosure document (the “FDD”). To support the network, you must consider developing systems and processes, and establising training and support programs for franchisees. Additionally, franchisors must establish marketing strategy to attract potential franchisees -and new consumers-to the brand. The process of selecting and screening franchisees is also critical, as the success of the franchise system will depend on the quality of the franchisees who are selected to operate the individual franchise locations.
When franchise your business, you must weigh the costs of initial investments in its leadership, governance, and franchisee satisfaction (organizational success) vs. the longer-term costs of growth without investing in training and development processes (franchisee failures and customer dissatisfaction).
To help address this financial friction, IQ Franchising provides its services with a specific emphasis on containing costs. With our flexibility in contract price structure/timing, we save our clients both time and money.
Minus the initial payment to address Phase 1, each remaining payment disbursement is made upon the submission of work product to you.
Now that you are aware of our process, and our objective to contain costs, we believe the better question to be asking yourself is…
“What is it costing me in market share to keep delaying my expansion?”
We look forward to helping you develop an organizational framework that provides for franchise network growth & supervision. As such, in addition to document preparation, our objective is to assist you with developing an culture that is focused on continual improvement; improvements that are in harmony with the voice of your customers.
“The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
— Benjamin Franklin, Founding Father of the United States
To find out what it will cost and how long it will take to franchise your business, contact us or directly schedule a call:
Our mission
Empowering small business growth through franchising - creating great communities everywhere!
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