Today’s Tip is on how to franchise a business. If you have a successful business and have determined that it is “franchise-able” Franchise Solutions has the next steps to take. By “franchise-able” we mean you have evaluated the business’s potential and found that it can be duplicated well. In addition, you have deemed your business offers beneficial […]
Franchisor
6 Mistakes to Avoid as a First-Time Franchisee
You finally found the golden franchise opportunity right for you. It’s exhilarating, especially since you spent so much time looking for the perfect fit. There’s so much to look forward to. But be forewarned not to let the excitement of owning a business blind you from the reality of it all. Launching a franchise requires […]
The Basics of Franchising: What You Need to Know
Franchising is when a franchisor grants a franchisee the rights to sell their products and/or services. The two enter an agreement that allows the franchisee to use the franchisor’s methods, operations, systems, brand name and other intellectual property to grow their business. Franchisors often provide ongoing training to support the success of the proposed business […]
The Basics of Franchising: What You Need to Know
Franchising is when a franchisor grants a franchisee the rights to sell their products and/or services. The two enter an agreement that allows the franchisee to use the franchisor’s methods, operations, systems, brand name and other intellectual property to grow their business. Franchisors often provide ongoing training to support the success of the proposed business […]
Glossary of Franchise Terms
Considering franchising as a business opportunity? Like most industries, franchising has its own language. Familiarizing yourself with the lingo before beginning your search for the perfect franchise can help ease the research process. Absentee Ownership: An absentee owner uses a manager-run model where they hire someone to manage day-to-day operations. This allows an absentee owner to […]
Franchise Disclosure Document: What You Need to Know
Prospective franchisees typically receive a Franchise Disclosure Document after requesting more information about a franchise or during the Discovery Day process. But this 100- to 200-page legal document is more than just an intimidating pile of papers; it can mean the difference between your success or failure as a franchise business owner. A Franchise Disclosure Document, […]
What Law Should Apply to Your FDD?
When compiling the Franchise Disclosure Document (FDD), franchisors must consider closely the laws that shall apply to the franchise agreement. You want to be honest and transparent with prospective franchisees in the agreement, yet mindful and even somewhat strategic in drafting the FDD under state and federal laws. Here are a few things to keep […]
Materiality and FDD Amendments: What Every Franchisor Needs to Know
Business is a world in flux. With circumstances, processes, and dynamics constantly changing, franchisors need to be mindful of material changes and meticulous in amending their Franchise Disclosure Document (FDD) as required by the Federal Trade Commission (FTC). What Does “Material” Mean? The FTC defines a representation, omission, or practice to be material if it […]
How to Run a Productive Discovery Day
The term “Discovery Day” can be a bit misleading. While there is certainly an element of discovery in a prospective franchisee visiting your company and meeting stakeholders for the first time, Discovery Day is meant more to be the final step toward signing an agreement. You should go into it expecting to conclude with something […]
Roadmap to Opening a Franchise
Opening a franchise business is not for the faint of heart. It is indeed a family decision that requires a great deal of preparation, planning, and self-evaluation. The entrepreneurial process requires that you evaluate the decision personally, sociologically, organizationally and environmentally. Personal Evaluation Level of Achievement – Degree of commitment – Entrepreneurs have a higher degree […]
