CHAPTER 16: FAQs about Franchises
FAQs about Franchises
There are many questions that go along with getting yourself into a franchise operation. If you are the owner of the franchise then you particularly want to know all the specifics about owning a franchise, so here are some questions and answer that many people will typically ask the company directly in order to know where to begin first.
Franchise Question #1: How Much Capital Do You Need?
Answer: The most obvious concern that one should think about before approaching a company for one of their franchise businesses is how much startup capital they will need. Most of the time this answer will be laying right out in the open, but it’s okay too if one decides to approach the company directly and ask how much he or she will need. Many times the company will have a startup capital requirement, but then again some companies are only concerned about getting their fees that are associated with a franchise being able to use the company name, logo, and reputation. On the same note, it would be a good plan to pay the startup or initial fees of the company with cash instead of relying on a business loan for the money. Considering the fact that many franchises will need to get business loans anyway for all types of supplies and other necessary furnishings the best route to take would be to essentially pay for your franchise with cash!
Franchise Question #2: Where Will You Get Supplies?
Answer: Perhaps the next thing that a franchise owner will want to know before he or she actually starts opening the business is where the supplies will come from. When dealing with company headquarters there are many different rules and regulations that are associated with each type of franchise. Some companies will require the franchise owner to purchase the supplies, such as seating, chairs, and cash registers from a specific company that furnishes all of their company’s store branches, but there may be other companies that have real loose guidelines about the whole issue. One must make sure, though, that he or she knows all the ins and outs of furnishing the store with supplies before any agreement is ever made!
Franchise Question #3: Am I required to Advertise?
Answer: This is a very important issue in and of itself. Many would-be franchise owners don’t realize this, but the advertising that is done for the franchise is actually done by the company itself! Some of the fees that are required to be paid by the franchise include advertising fees, and these advertising costs and fees are supposed to be used by the company in order to generate advertising and marketing for the franchise itself. Such advertising methods may include special discounts that are given on a monthly basis, coupons that are placed in newspapers, and customer appreciation days. Of course, if the franchise is allowed to advertise in whatever way the owner sees fit then no advertising fees may have to be paid, but knowing what exactly is required is of utmost importance before advertising for the franchise itself!
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