If you’re considering investing in a fencing franchise, you’re likely asking yourself many questions. At times, it may seem confusing, with shifting regulations, ever-evolving tax laws, and the expectations of potential franchisees. To help answer some of the most commonly asked questions, the International Franchise Professionals Group (IFPG) is here to offer answers from our extensive knowledge and experience.
What is a franchise?
At its core, a franchise is an agreement between a franchisor and franchisee that grants the latter the right to use the franchisor’s business system, brand, and intellectual property. Generally, the franchisee is expected to provide the funds to get the business set up, and the franchisor often provides support by way of training, marketing, and consulting.
Do I need prior experience in the fencing industry?
Not necessarily, though having a strong background in the industry can be helpful. If you’re new to the industry, you’ll want to make sure that you find a franchisor that offers comprehensive training and support. Additionally, you’ll want to do your research to ensure that you understand the market and have a strong business model to work from.
What kind of cost should I expect to get started?
Costs will vary depending on the franchisor. Generally, upfront costs range from $25,000 to $50,000 dollars, though this varies from franchise to franchise. You may also be required to pay an ongoing franchise fee. Additionally, you may need to make an investment in equipment, supplies, and perpetual inventory.
How much support can I expect from my franchisor?
Franchisors offer varying levels of support, so you’ll want to do your research and make sure that you understand the level of support you can expect. Generally, a franchisor should provide you with comprehensive training and ongoing support with your business’s operations and marketing.
Who can help me understand the franchise process?
The best option here is to consult a franchise consultant. Franchise consultants work with both franchisors and franchisees to provide advice and guidance throughout the process. The IFPG has many experienced franchise brokers who can help package, present, and manage offers and negotiate the best terms that will work for both parties.
Fencing Franchises, Buying a Franchise, Franchise Consulting, Franchise Brokers, Franchise Fees, Franchisor Support