Posted by : admin in (About Franchising !)
About Franchising !
What is a Franchise?
A franchise in a word is an “agreement”. It is the contractual relationship that binds the parties together. The true value of any franchise will depend on the agreement itself. It is very important that the agreement be marketable too!
Some of the items that require careful consideration are:
- The initial franchise fee
- The trademarks and use of
- The continuing fees (royalties)
- The terms and conditions of the agreement
- The territory
- The training provided
- The support of the franchisor
Who is Considered a Franchisor?
The federal government says that any business that is being offered to the general public that requires the potential buyer to sign a written contract and that contract contains their three (3) elements:
What do you need in developing a franchise?
The development of a franchising is a continuious process so long as you are offering franchises. Some of the items that you are going to need are as follows:
- Corporate Structure
- Federal Trade Mark Registration
- Audited Financial Statements
- Uniform Franchise Offering Circular
- Promotional & Marketing Materials (could be a web site)
- Manuals (Development & Operations)
- Franchisee Training Program
- Franchisee Support
- Registration in Regulatory States
- Profile of who your franchisees will be
- Marketing Procedures
