{"id":607,"date":"2019-07-05T11:28:11","date_gmt":"2019-07-05T11:28:11","guid":{"rendered":"https:\/\/www.toddweissfranchisepro.com\/?p=607"},"modified":"2019-07-17T11:28:55","modified_gmt":"2019-07-17T11:28:55","slug":"frequently-asked-questions","status":"publish","type":"post","link":"https:\/\/www.toddweissfranchisepro.com\/frequently-asked-questions\/","title":{"rendered":"Frequently Asked Questions About Franchising"},"content":{"rendered":"

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Frequently Asked Questions About Franchising<\/strong><\/h2>\n

 <\/p>\n

If you\u2019re thinking of investing in a franchise, it\u2019s important to do your due diligence. It\u2019s a major investment and you don\u2019t want to make a decision that will have significant personal and financial impact for you and your family . Franchising laws are very complex and you\u2019ll need a lawyer to help you understand the details as well. Here are a few of the more frequently asked questions about franchising.<\/p>\n

 <\/p>\n

What is franchising?<\/strong><\/h2>\n

It\u2019s a contract that binds partners into a business model that has been crfeated by the franchisor or owner of the business. The franchisee is an independent operator who is subject to the rules of the contract or franchise.\u00a0<\/p>\n

 <\/p>\n

How safe is my money? <\/strong><\/h2>\n

Like any business, you are always at risk of losing your investment. If you decide that franchising is not right for you, often you can sell the franchise to recoup some of it. The best way to prevent a situation like this from happening is to research any opportunity thoroughly, work with an experienced franchise consultant and retain a lawyer before you sign anything.\u00a0<\/p>\n

 <\/p>\n

Is the opportunity legitimate? <\/strong><\/h2>\n

You can check the opportunity out on Scambusters.org as well as check out any earnings claims by searching for financial disclosure documents online. Also, ask for a list of the last five to ten people who have purchased franchises so you can talk to them and find out what their experience with the franchise has been like.<\/p>\n

 <\/p>\n

How much money do I need to invest? <\/strong><\/h2>\n

Each franchise is different in terms of your initial investment, but you should also learn about what your ongoing costs will be. For example products, marketing, royalties and more.\u00a0<\/p>\n

 <\/p>\n

How much will I earn? <\/strong><\/h2>\n

You should be able to find out what the average franchise investors are earning via their disclosure forms. You need to make sure that the franchise is capable of producing the kind of income you need to earn for it to help you reach your financial goals.<\/p>\n

 <\/p>\n

What is the timetable from start to the grand opening? <\/strong><\/h2>\n

It will depend on the franchise that you purchase. Do you have a space in mind? Do you need to buy land? Do you need to have the business built? Your franchisor usually helps with these aspects and will be happy to let you know how long it takes. You can also ask other franchisors how long it took them.<\/p>\n

 <\/p>\n

How long will it take me to profit? <\/strong><\/h2>\n

Each franchise has stats that will back up how long it will take to become profitable. Usually, a well-known franchise becomes profitable faster than a completely unknown business.\u00a0<\/p>\n

 <\/p>\n

Do I need to hire a lawyer? <\/strong><\/h2>\n

Yes. Everyone who is considering a franchise opportunity should hire a lawyer who is experienced in franchise law. This will help protect you from making any costly mistakes.<\/p>\n

 <\/p>\n

Is buying a franchise safe? <\/strong><\/h2>\n

It\u2019s safe if you go through the right process to properly research and identify the best\u00a0 franchis opportunites for you to buy into. Due diligence is a must. Working with a qualified franchise consultant shortens the process of matching you to the right franchise for you.\u00a0<\/p>\n

 <\/p>\n

What fees are involved? <\/strong><\/h2>\n

Each franchise has different fees involved such as royalty payments, product purchases, and more. It’s in your best interest to understand everything you\u2019re required to purchase from the franchisor.\u00a0<\/p>\n

 <\/p>\n

Can I get financing? <\/strong><\/h2>\n

If you have good credit, plus the liquid cash required, you can usually get financing from a bank or from the franchisor. It\u2019s up to you how you proceed. Sometimes you can get better deals from the franchisor.<\/p>\n

 <\/p>\n

How is competition handled? <\/strong><\/h2>\n

One thing you want to know is how the franchisor limits competition. How many franchises do they allow in a specific area of the country and more specifically your local area? Also, do they make you sign a non-compete clause?<\/p>\n

\u00a0<\/h2>\n

What should I consider before buying a franchise? <\/strong><\/h2>\n

You need to make sure that the business is something you will like doing and has the potential to provide the type of income you need to earn each year. There is no point in owning a franchise that won\u2019t allow you to earn an income in the manner you want to earn it. For example, some franchises allow for absentee ownership and still earn a profit, while some do not.<\/p>\n

Final thoughts…<\/strong><\/h2>\n

There are a lot of questions to get answered before you invest in a franchise. Understand that it is a business, and if you can\u2019t earn a profit you could forfeit your investment Take the time you need to take to chose the right company for you.<\/p>\n

 <\/p>\n

I’d love to hear from you…<\/h2>\n

What\u2019s one insight or key takeaway you got from this article?<\/p>\n

Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>\n

Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>\n

Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>\n

If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com<\/a>. I’m more than happy to help if I can.<\/p>\n

And, if you aren’t already a “Franchise Pro Insider,” what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>\n

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Ready To Schedule Your FREE Consult With Todd?<\/h2>\n

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About Anthony<\/h1>\n

Business CoacH<\/h3>\n

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. Lorem ipsum dolor sit amet, cons<\/p>\n

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Contact Todd Today<\/h2>\n

Phone<\/h4>\n

(866)-934-7176<\/p>\n

Email<\/h4>\n

todd@thefranchiseconsultingcompany.com<\/a><\/u><\/p>\n

Address<\/h4>\n

130 Shore Road, Suite 133, Port Washington, NY 11050-2205<\/p>\n

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Frequently Asked Questions About Franchising   If you\u2019re thinking of investing in a franchise, it\u2019s important to do your due diligence. It\u2019s a major investment and you don\u2019t want to make a decision that will have significant personal and financial impact for you and your family . Franchising laws are very complex and you\u2019ll need […]<\/p>\n","protected":false},"author":1,"featured_media":608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

Franchising Trends For Q3 2019<\/h2>

Hard to believe that we're heading into the third quarter of 2019 in just a few days. It's been a good year\u00a0 - a very good year - for franchises. And, if you've been considering opening up your own business - without the intense start-up headache phase, it's the perfect time to start exploring what's involved in purchasing a franchise.<\/p>

The franchising model works this way \u2013 you (the franchisee) buy the rights to market and distribute the products and services of another company (the franchisor) and to use its business name.<\/p>

Since you're \"borrowing\" another company's proven business model, brand recognition, and reputation, franchising can be a safer option for starting a new business.<\/p>

So, let's take a look at a few things you need to consider before you invest your hard earned money buying a franchise...<\/p>

  1. Is There Market Demand For Your Products And Services?<\/h2><\/li><\/ol>

    Do you already have an idea of the kinds of products and services you'd like to offer? Awesome!<\/p>

    Do you know if those products and services are in demand where you want to open your business? The only way to answer that question is through market research and hard data. What sells well in other areas of the country may not be well-received locally.<\/p>

    Are you a BIG thinker? Are you thinking about the possibility of branching out to owning multiple outlets in the future? Then, you need to assess the potential for that as well.<\/p>

    1. How Good Is Their Industry Reputation and Track Record?<\/h3><\/li><\/ol>

      Does the company offering the franchise have a proven track record of successfully franchising their business? Just because a company is offering franchising opportunities doesn't mean they are a good franchisor.<\/p>

      It's imperative that you do your due diligence. You should speak to current franchisees to get their perspective on the business - the good, the not-so-good, and the flat out ugly. A good question to ask is, \"If you could do this all over again, would you have picked this company to be your business partner?\" Be sure to listen to the different responses you get. If something negative is repeated often enough, you can be sure that it's a red flag.<\/p>

      1. What Does Your Investment Buy You?<\/h3><\/li><\/ol>

        Franchise fees represent a considerable portion of your investment - that number can range from a few thousand dollars to several million. Those fees typically cover training, equipment, and licensing rights.<\/p>

        You need to understand what the franchisor will be providing you for your investment. You need to carefully evaluate the time it will take for you to earn your upfront costs back to determine if the franchise you are considering is a sound investment.<\/p>

        1. What's The Competition Like?<\/h2><\/li><\/ol>

          Depending on how well-known the franchise is, there may already be lots of franchisees operating in the same area you want to open shop. And, depending on what your product or service is, there could be a lot of other rival companies.<\/p>

          Some competition is a good thing. Too much competition means the market could be over-saturated. That is not good for business.<\/p>

          Product and service offerings are a STRATEGIC business decision that you need to consider carefully. If you have a lot of competition, it will be much harder (and more expensive) for you to establish yourself.<\/p>

          If your products and services are unique, then competition will not be an issue. However, educating the public and creating market demand might be.<\/p>

          1. How Much Training Do You Need?<\/h2><\/li><\/ol>

            I've found that one of the significant advantages of franchising is the training and support offered to franchisees.<\/p>

            If you don\u2019t have a lot of business and operational experience, I highly recommend choosing a franchise that offers substantial training and support to ensure you get things started the right way. Some franchisors even provide on-going support after your franchise is up and running.<\/p>

            Statistics show that having the proper guidance and training from the start dramatically increases the chances of your franchise being successful.<\/p>

            1. Do You Have An Issue With Rules and Regulations?<\/h2><\/li><\/ol>

              \u00a0<\/p>

              It's not uncommon for franchisors to impose specific rules and regulations on how their franchises are to be run.<\/p>

              They usually require franchisees to follow specific guidelines and standards which can encompass things such as product offerings, prices, operational hours, store design, and other things.<\/p>

              While you may be the boss, the franchisor generally has the majority of control. If you\u2019re not comfortable in a situation like this, then running a franchise may not be what you\u2019re looking for.<\/p>

              As I mentioned earlier, 2019 is shaping up to be a VERY good year. The competition for new franchisees has never been greater.<\/p>

              Franchisors are finding new and more innovative ways to craft different offerings to attract new franchisees who normally would not consider investing in a franchise.<\/p>

              It's a franchise buyer's market. And, it's up to you to seek out and invest in a strong brand with solid business fundamentals and high growth potential.<\/p>

              Look for a franchisor who is focused on doing everything they can to help you succeed. It's smart business on their end. Your success will fuel their growth and ultimately their enterprise value.<\/p>

              The marketplace will always reward business owners who can carry a brand forward, build sales, profitability, and create exceptional value based on the strength of their experience.<\/p>

              I'd love to hear from you now.<\/p>

              What\u2019s one insight or key takeaway you got from this article?<\/p>

              Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>

              Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>

              Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>

              If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com. I'm more than happy to help if I can.<\/p>

              And, if you aren't already a \"Franchise Pro Insider,\" what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>","_et_gb_content_width":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[11,9],"tags":[],"yoast_head":"\nFrequently Asked Questions About Franchising - Todd Weiss Franchise Consulting<\/title>\n<meta name=\"description\" content=\"People have a lot of questions about franchising. 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