A large majority of franchise networks operate on site-based systems. This makes location one of the most important aspects to consider for prospective franchisees. A poor location can have a negative impact on profitability and business expansion. As a prospective franchisee, you wouldn’t have sufficient experience in what makes an ideal location for your business. […]
If you are purchasing a franchise, it’s imperative that you conduct a sufficient amount of research and understand how a particular network functions. It’s important that you get a better idea about what your responsibilities are as part of that network and the kind of support and backup you can expect from the franchisor. In […]
A franchisee purchases their franchise from the franchisor and has the license to conduct business under the franchise network’s brand name, business model and trademark. In most cases, franchisees are also required to pay the franchisor an ongoing franchise royalty fee. Role of a Franchisee Franchisees have four key responsibilities when it comes to the […]
If you’re planning to take the leap into the franchising space, one of the questions that’s bound to arise is…Whether you should be part of a comparatively new franchise network or a more well-established, mature one. Let’s take a look at the advantages and disadvantages of being part of a mature franchise network. The Advantages […]
When franchisees join a franchise network, they expect guidance and support to navigate the waters of their new venture. One of the best ways a franchisor can ensure that their franchisee finds a firm footing and succeeds is to ensure there is an engaged and strong support system in place. A robust support system in […]
When you choose to join a franchise network rather than start a new business from scratch, it’s necessary for you to consider all the implications of the partnership that you will be entering into. Being part of a well-recognised and well-established brand has its benefits, but the relationship between a franchisor and franchisee needs to […]
Investing in a business is a big step, which is why it’s important to consider all aspects of it carefully. This process can be complicated and have many confusing details. It’s easy to become lost in the legal jargon and make bad decisions, especially if you don’t understand what the business opportunity actually is. One […]
Franchise agreements can be quite tricky, which is why it’s important to have an experienced lawyer in your corner to help you understand the terms. One of the most important things to consider is the franchise contract renewal. Most people take this for granted and that can impact them in the future. A franchise requires […]
It isn’t uncommon for prospective franchisees to look for ways and means of saving some money when they are about to venture into a new business. At this point of time, hiring the services of a franchise lawyer may seem like an undue expense, especially since you have so many other costs to take into […]
Regardless of the business you run or the industry you operate in, information technology will be an integral part of it. This makes it crucial for prospective franchisees to understand what is involved in the franchising IT agreements. Almost every franchise business will have certain software as well as information Technology Systems that need to […]
If you are considering entering the franchise business and have very strong entrepreneurial skills, you will be able to make a success of the venture. In addition to the right skill set, you need to be resilient, have presence of mind and the patient as well. Even a franchise business takes time to set up […]
Trust is a basic aspect of any franchise relationship; if you want to grow your business and widen your brand’s market reach, you need to work hard to gain the confidence of prospective franchisees. Here are some things a franchisor can do to gain the trust of franchisees: #1 Make sure that your business is […]
The business world can be unpredictable. Industries change, trends come and go, customer preferences change, and all of these factors can rattle even the most well-established business. Some franchises have holding power, so they’re able to withstand the competition and market changes. Others have a weaker foundation and are unable to last long, despite having […]
Most people enter into the franchise world with the intention to start their own business down the line. They don’t want to stick with franchising, rather just build up skill and get some experience trying their own venture. Many simply outgrow franchises because they feel stifled by them. However, there are some entrepreneurs that become […]
If you’re considering entering a franchise business, you’ve likely been bombarded with loads of information from the franchisor. This may boost your confidence and make you feel that you would be able to go through all this information yourself and make sense of everything in the agreement document. However, it’s important that you recognise the […]
Today, there is a wide variety of franchising opportunities in the country and in most cases; these provide a stable base for successful franchising ventures. When you choose to enter into a proven business system, you are provided support and all the tools needed to grow your business. However, it’s still important to keep in […]
Starting a business is very exciting and difficult. It is exciting because you get to have your best skills to clients and explore your potential as a business owner, and it is difficult because as you start and grow your business, you will need to add many additional skills to your resume. For example, if […]
Every prospective franchise buyer conducts a certain amount of research online about what the industry is all about, how it functions, what the risks and benefits of running a franchise business are and more. While all of these are important things, it’s also crucial to know what steps to follow to setup a franchise business. […]
It’s rare to find a franchise that isn’t on fixed terms and most first-time franchisees are so excited about their new venture that they don’t pay much attention to this aspect. Some franchise agreements have a specific initial term that doesn’t include any franchise renewal rights. However, there are some with fixed initial terms as […]
When you are purchasing a franchise, you need to focus on a number of important things; one of the most vital aspects is to make sure your personal wealth isn’t at risk. Every person has different circumstances and it’s why you need to assess these objectively and on the basis of the franchise business you […]
