How to franchise your retail business? 5 tips to grow


How to franchise your retail business? 5 tips to grow

Franchising your business is great way to expand your business without significant investment. It’s a
good way to obtain expansion capital. Franchisees pay to obtain the franchising rights from you,
which directly translates to minimize your growth risk. Compared to getting a loan or selling equity,
franchising may be a cost-effective method of growing your capital.
Did you know?
A company does not need to register as a franchise in Singapore.
Yes, as in many other countries, there are no disclosure requirements and Singapore has no
franchise-specific laws. Which means regulatory burden for franchisors is not there. Getting the
paperwork ready to start a franchise is a matter of days. Also, for the franchise agreement, the
parties don't need more than 30 to 60 pages.
Singapore does not have a specific legislation governing franchises, however, the Contract Law
provides for the main elements when establishing this type of venture in the city-state and what the
franchising contract must contain.

1. How to check if your business is franchise-worthy? Simple
Self Evaluate:
How well does your product sell?
Will it sell in the same way if the sector gets disrupted temporarily or permanently?
How profitable is your business in the present and what are the projections for it in the
forthcoming days?
Have you suggested about franchising your business with anyone?
What is the estimated cost of franchising your business?
Do you have the bandwidth to handle a franchise?
The problems that you are likely to face with your franchise are
1.1. Lack of support and communication
1.2. Financing
1.3. Employee hiring and management

2. In order to franchise your retail business

for more details:

2.1. Hire a lawyer
2.2. Set the standards of your brand
2.3. Prepare your franchising documents
2.4. Devise your marketing strategy
3. Quick five tips to grow your franchise are
3.1. Ensure that you communicate with your franchises properly
3.2. Stay consistent with each franchise
3.3. Ensure that you provide unique services
3.4. Maintain a reasonable territory
3.5. Get to know the legal procedures

Learn well about the rights and options of franchisor and franchisee in Singapore – the Lion city.
Understand the difficulties involved, weigh your options well before you set your foot in this path.