Tips for Launching Your Own Brand

Code Wiz founder and NextGen winner reveals six essential steps on the journey to launching your own brand.

By Ruth Agbaji

You’ve built a wildly successful business with your blood, sweat and tears. You’re passionate about your product or service. You know in every fiber of your being that your idea will fly. Yet, nagging doubts can prevent you from taking the leap into franchising.

The truth is that the road to franchising is thrilling and terrifying – and often both at the same time. However, when you have the right tools and the right mindset, you’ll be better equipped to relish the roller coaster ride and gather wisdom along the way.

Here at Code Wiz, we decided to dive into franchising when we realized that we had a new concept that was replicable. We evaluated our systems and knew that we could empower potential business owners to help create the next generation of engineers. With the high demand for STEM afterschool programs, our strong brand and our well-defined processes, we chose to embark on the franchising path.

Based on our experience, here are six steps that will prepare you for your journey.

1. Value your knowledge

You are the expert. Full stop. You gave birth to your business and know every achievement and misstep you took on the path to your current success. To prepare for franchising, it’s critical to document that knowledge. After all, your franchisees will need to replicate each system you’ve designed and each process you’ve implemented.

It’s also valuable to chronicle your reflections about your hits and misses. This allows you to recall why an initiative didn’t work – because it might in a different location – and the rationale for the choices you made. At Code Wiz, we found that putting our operations manual together was relatively straightforward because we could easily reference documentation we’d created since day one.

2. Find mentors

While you’re an expert in your own company, you don’t start out as an expert in franchising. At the same time, it’s important to build your franchise on a strong foundation. That’s where mentors come in. Your best resource is people who have walked the walk. Franchising consultants can guide you through difficult situations and help you avoid stepping on landmines.

The IFA is a great place to find people who are willing to give you advice and point you in the right direction. Good guidance sets the stage for long-term success. Finding the right consultants to work with can be tricky. This is where you rely on the network you have grown. Referrals from other businesses is your best bet for vetting the candidates. It’s important to find a group who understands and shares your core values, gets your vision and buys in to your mission for growth.

3. Protect your resources

There are many services targeted to franchisors that come with a hefty price tag. It’s easy to believe that you need a service when the truth is that the need doesn’t arise until you have many units. Because monetary and human resources are scarce when starting out, only sign up for services you absolutely need. Your time is precious, so use care when taking meetings. If you can’t afford a $5,000/month service, there’s no need to agree to the call.

4. Step into the spotlight - NextGen

It’s human nature to want to lie low while you’re learning about and preparing to enter the world of franchising. Resist that urge. Competitions force you to think through the details of your offering and help you frame your pitch. Code Wiz’s experience at NextGen was invaluable, from the boot camps that delved into the nitty gritty to the assigned mentors that told hard truths. Beyond the competition, your concept will gain significant credibility and the network of peers, mentors and potential investors can’t be beat.

5. Choose wisely

Few franchisors start out with a wealth of resources. It can be tempting to try and quickly recoup the investment of your time and money by accepting any and all franchisee applications. Stop yourself. Focus on the authenticity of your brand. At the end of the day, your brand is all you really have, so select franchisees who you are proud to have as brand ambassadors. Feedback from franchisees can lead to a stronger offering, but you want to avoid people who want to change your system from the get-go. It’s not worth the headache. Ultimately, you’ll be glad that you chose quality over quantity.

6. Maintain balance 

Launching a franchise is taxing, both mentally and financially. It’s easy to burn the midnight oil and get caught up in the daily grind. Don’t be afraid to rely on your support system – both personal and professional – to find and maintain balance in your life. Carve out time to spend with your kids, go to the gym or whatever floats your boat. It’s important to enjoy the process of growing as a business owner while watching your dreams come to fruition.

There’s no doubt that franchising is a wild ride – but one that is worth it. The key to success is in pacing yourself, staying true to your brand and relying on those who have already taken this journey.

Ruth Agbaji is a 2019 NextGen winner and the founder of Code Wiz, award-winning afterschool centers that teach children and teens to build video games, design websites and assemble robotics.