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Franchising allows you to trade under the Franchisor’s name, trademark and system without you going to the expense of creating such a business from scratch. He’s spent the money, made the mistakes, and now he’s got the bugs out of the system. If it works for other franchisees in the ...
Read MoreWhen I talk to would-be Franchisees about a franchise agreement I take them through the main points and always advise them to discuss the agreement with their solicitor. In fact, they’re obliged to that under the terms of the agreement, so that they fully understand what they’re getting into. I never gave much thought to the fee a ...
Read MoreSetting initial fees and royalties is a very important aspect of franchising your business. Set them too high and you’ll frighten prospects away. Too low and you won’t make any money. Fees and royalties should not only reflect the market value of your brand but also adequately support the cost ...
Read MoreFranchising is not for everybody and it is important that you know what the drawbacks are before making any sort of commitment. It can be an inflexible method of doing business as each Franchisee is bound by the franchise contract to operate in the business in a certain way. The ...
Read MoreBusinesses that are suitable for franchising should be able to answer “yes” to most of these questions: Have you run a successful business for at least one year? Is it profitable? Can you produce audited accounts? Have you proven your concept? Will it survive in the long term? Do you ...
Read MoreThe term ‘franchising’ has been used to describe many different forms of business relationships, including licensing, distributor and agency arrangements. The more popular use of the term has arisen from the development of what is called ‘business format franchising.’ Business format franchising is the granting of a license by one ...
Read MoreWhat’s the difference between a franchise and a licence? A franchise exists between the owner of an identifying trademark and the operator of a business using the trademark when: The Franchisee engages in offering, selling or distributing goods or services under a marketing plan or system, prescribed in substantial part ...
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