Are You Ready?

Over the years, I have often been asked by others in the franchising community, "When do you know it's the right time to expand internationally?"

Committing to international expansion is more of a company mindset than anything else. With that being said, there are a series of points that I evaluate together with the client that helps identify if their company is prepared to take advantage of international opportunities.

1. Company management team members are, "All aboard".
Expanding into international markets must be a commitment that the entire organization believes in and should not be looked at as a temporary solution. Everyone thinking in the same direction creates powerful results.

2. Strategic plan / business plan
A company must have clearly defined goals in order to achieve the results it is looking for. Hand in hand with this is a working budget set aside just for international expansion as well as the additional resources that will be necessary.

3. Have a solid track record in your home country.
Having an established business model to point to will add to your company's credibility.

4. Trademarks
Establishing your brands presence "before" entering a market is essential. Piracy certainly exists in a number of countries and applying for your trademark early is only prudent.

5. Support
Having formulated two international franchise companies international departments, I can tell you that devoted resources to support is critical to the short, and long term success of any international expansion plans. Support can be provided in a number of ways, from Intranet sites and routine on the ground visits, to devoted home office personnel and telephonic support, it all should come into play.

6. Legal documents
The need to create a Master License agreement containing your company's tenets and essential clauses is a must. A qualified "franchise attorney" is something that cannot be stressed strongly enough, and will pay dividends.

7. Steps
It is always easier when we follow a proven system or standard of steps. In addition to conducting the necessary due diligence on a candidate, the completion of a "Discovery Day" to your corporate facilities is a mandatory step that needs to be completed early in the process.

The above represent the foundation of building your international expansion plan. I would be delighted to personally speak with you about your company's intentions. For a free consultation, please contact Tony Foley, President of World Franchisors, at 561-868-1358, or, info@worldfranchisors.com.

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