If you’re considering a popular residential moving franchise, there are many important questions you’ll need to answer before you make the decision to invest. Franchises vary in cost, size, and setup, so it’s important to understand how they can best suit your needs. Fortunately, The International Franchise Professionals Group (IFPG) is here to help you make the right choice for your business. With more than 1,300 members, our franchise broker group provides guidance and support to aspiring business owners throughout the process of identifying and investing in a franchise that works best for them.
Franchisors often ask common questions about various residential moving franchises that show up on the market. To help you make a more informed decision and understand the process, we at IFPG have compiled a list of frequently asked questions about popular residential moving franchises. While the answers will vary from franchise to franchise, gaining a better understanding of the process and features of the particular franchise can help you in your decision-making.
What are the costs associated with a residential moving franchise?
The cost associated with a residential moving franchise will depend on the size, scope, and features of the particular franchise. Most franchises require an initial franchise fee to cover the costs of training, materials, advertising, and other startup costs. Additionally, you may incur costs for inventory, supplies, legal fees, technology, ongoing advertising, personnel, and other operational costs. Some franchises also require an ongoing royalty payment, which may be between five and ten percent of the franchise’s gross sales. It’s important to factor in all of these costs when making your decision.
What type of support does the franchisor provide?
Most franchisors provide a variety of support services to franchise owners, such as ongoing training, marketing support, access to software, website hosting, and other resources. Additionally, many franchisors offer mentorship programs to help franchisees get off to a successful start. Depending on the franchise, you may also find that the franchisor offers guidance on the selected location, design and layout of the premises, and other business operations.
Do I need to hire a franchise lawyer or accountant?
While some franchises may not require a franchise lawyer or accountant, it’s important to consider such services as you make the decision to invest. A qualified franchising lawyer can provide valuable insight into the legal aspects of the franchise, while an accountant can provide valuable assistance in developing and maintaining a sensible budget.
What is the process of entering into a residential moving franchise agreement?
When entering into a residential moving franchise agreement, you will need to go through the franchisor’s pre-screening process. This includes submitting an application and other necessary documents, as well as an in-person or virtual meeting with a franchisor representative. Additionally, you may need to participate in a day-long seminar to gain an understanding of the franchise and its operations. Once you’ve been approved by the franchisor, you’ll be given a franchise agreement to review and sign. After the agreement is entered into, the franchisor will provide you with all of the necessary support and resources for your business.
What steps do I need to take to set up a residential moving franchise?
Once you’ve been approved by the franchisor and entered into a franchise agreement, the next step is to set up your business. This includes selecting and securing a property for your business, obtaining licenses, and hiring staff. It’s important to plan ahead and give yourself plenty of time to get everything in order before launching your business. Once your business is up and running, you’ll need to take steps to establish a solid customer base and build brand awareness.
Having the answers to these questions can help you make an informed decision when selecting a residential moving franchise. With the guidance and support from The International Franchise Professionals Group (IFPG), you can increase your chance of success when investing in a franchise.