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Business Franchise

Are you contemplating taking the plunge as a husband-wife team into the challenging yet rewarding entrepreneurial realm of business franchising? Have you read the success stories of franchising and have been intrigued to investigate further, but not known exactly where to start? Worry not as the International Franchise Professionals Group (IFPG) team is here with their cutting-edge Knowledge Center and innovative training systems, to provide key tips that explode any popular misconceptions you may have about the process and help you set your future plan in motion with confidence and minimal risk.

Franchising is the practice of leasing the rights of a brand or technology from an established entity (the franchisor) to an individual (the franchisee) in exchange for a “fee” or “licensing” agreement. Primarily set up as a business to business agreement, it is a legal obligation for the franchisee to adhere to the product goals and system, but importantly, it also is a reciprocal agreement for the franchisor too as franchisees have to be useful assets in the growth and expansion of the entire franchise system.

The IFPG, in their continual mission of assisting burgeoning entrepreneurs in making informed decisions and business investments, will help you answer some of the most commonly asked questions on franchising.

What is the first step I should take in the direction of investing in a business franchise?

The best way to begin the process is through research and the best place to turn to for reliable information is to consult an IFPG certified franchise consultant. With more than 1,300 franchisors, franchise consultants and vendor members under their umbrella, IFPG offers an extensive network along with personalized support and guidance, for you to research the opportunities that could be best-fitted for your husband-wife team.

What kind of details should we consider before deciding on a particular franchising opportunity?

When exploring your options, you should look into the background of the franchise, the system, the investment amount, the fees, member benefits, the potential profitability, the longevity of the support, and the potential customer base.

Additionally, look at what’s included in the franchise program: Does it include training? Can you access a certified business coach to help with the transition? Is there a support-system that comes with the franchise? Having a comprehensive post-purchase suppo rt mechanism in place is an added bonus and goes a long way to secure your success.

Checking while researching the market demand of the product or service you intend to procure a franchise for, is equally important. Also, have a sound understanding of the demographic targets you are going to focus on.

What are all the other expenses I must factor in while deciding?

Though the initial investment is a minimum guarantee, there are numerous other expenses you must consider when it comes to franchising. These could include real estate costs (if that is how you plan to judiciously invest money), advertising and marketing costs, facility insurance prices, signage costs, equipment expenses and labor costs etc.

Which are the foremost legal matters that need to be taken care of?

The Franchise Disclosure Document (FDD) is one of the crucial legal parts of the purchase. It includes detailed information about the franchise, along with important facts on the owners, and this document must be reviewed before you make the purchase.

Do I need to clear an aptitude test to qualify for a franchise?

Different franchisors might have different criteria that they look for in potential franchisees. Many, however, give an aptitude test that is intended to help them assess the likelihood of success of the candidate. The IFPG can align you with experienced franchise consultants who can help you through this process.

What are the financial fund requirements?

If you are considering setting up a franchise, it is important to be aware that this type of business requires specific cash reserves. Depending on the length and cost of the franchise agreement you are applying for, it is reported that you typically need anywhere between $100,000 and $2 million capital assets.

Who will help me navigate the entire franchising process, if I invest in a franchise?

Your initial contact should be with the IFPG’s franchise broker network, which provides a wide range of services to help you make a well-informed decision. The IFPG has been praised for its support, innovation, and integrity and offers an environment for like-minded professionals to network and collaborate in pursuit of helping others succeed.

To recap, the IFPG is the primary source you should tap into, if you plan to invest in business franchises. With the support and guidance IFPG provides, you should be able to make an informed decision, invest in a franchise and reap the rewards by eventually achieving time freedom and flexibility and aiming at an end goal that is ultimately enriching.


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