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FAQs on Franchises: the Ultimate Guide for Couples

When it comes to business opportunities for couples in search of more time freedom and flexibility, there is no better option than turning to the franchise model. With over 1,300 members in The International Franchise Professionals Group (IFPG), there are more franchising opportunities out there than ever before. However, despite the availability of such an array of alternatives, deciding on the right franchise for you can be a daunting task. To help with your process, this comprehensive guide looks at some of the most frequently asked questions about franchises.

First and foremost, it is important to note that not all franchises are created equally. As such, it is essential that couples seeking time freedom and flexibility conduct their due diligence and thoroughly research the franchisor before investing. Do your research and ask the right questions to ensure your success. Here are some frequently asked questions about franchises that newly-interested and inexperienced franchisees should consider.

What does franchising involve?

Essentially, franchising is a business relationship between two parties, where the franchisor provides the franchisee with products or services that follow a system established by the franchisor. The franchisee pays a royalty fee to the franchisor for the use of these products or services, and is responsible for the day-to-day operations of the business.

Are there any restrictions as to who can become a franchisee?

In most cases, no. The majority of franchisors usually operate under a “one-size-fits-all” policy, meaning any potential franchisee can buy into their opportunity, regardless of background and experience.

What is the total cost of purchasing a franchise?

The total cost of purchasing a franchise typically depends on the size and scope of the franchise system, and varies from business to business. Before making a decision to purchase a franchise, potential franchisees should understand all expenses associated with buying and operating the business. These costs typically include a franchise fee, royalty fees, startup costs, ongoing fees, and potential legal and accounting fees.

How long does it take to become a franchisee?

The length of time it takes to become a franchisee varies for different franchise systems. Generally speaking, the process takes anywhere from a few weeks to several months. Things that may affect the time it takes to become a franchisee include the size and scope of the operation, as well as the regulatory requirements of the particular state, county or city in which the franchise will operate.

Is there a limit on the number of franchises I can own?

No, there is usually no limit. Franchisors, however, may establish certain limits on the number of franchises that can be owned in a given area. Depending on the franchise system and the terms of the franchise agreement, a franchisee can own multiple franchise locations.

What kind of support can I expect from my franchisor?

A reputable franchisor should provide the franchisee with ongoing support during the operation of the franchise. This may include business training, marketing support, technical support, and guidance on the legalities of running the business. Support can also include annual conventions and conferences, newsletters, phone support, and other resources to help franchisees operate the business successfully. Additionally, a good franchisor should also provide franchisees with a site selection and management system.

Topics:

Franchises,

Time Freedom,

Flexibility

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