Franchising FAQs
Franchising FAQs
* Request an information packet from the franchiser.
* Interview owners of current franchises.
* Research the industry and other franchises in this industry.
* Seek expert advice to better understand the franchise agreement.
* Review costs related to getting into this franchise and compare them to the costs of starting a nonfranchised business in this industry.
Within the same industry, why does it cost so much more to get into some franchises than it does others?
* The more expensive franchises are better known in the marketplace, therefore they can command a higher price (oftentimes you are buying into the value of a well-known name). The less expensive franchises may not have any name recognition and are therefore looking to expand their presence in the market by offering their franchises at a much lower price.
* The more expensive franchises probably have proven formulas for success, which means your investment risk factor will be lower than it would be for a less proven franchise system.
* Also, you will find that those more established franchises that have experienced a long history of advertising and promotion of their products have, in turn, created a higher level of demand for their products, which results in a premium price for their franchise.
Franchising FAQs - To learn more about this author, visit Start Your Business's Website.
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How can I go about investigating a particular franchise that I am interested in?
* Request an information packet from the franchiser.
* Interview owners of current franchises.
* Research the industry and other franchises in this industry.
* Seek expert advice to better understand the franchise agreement.
* Review costs related to getting into this franchise and compare them to the costs of starting a nonfranchised business in this industry.
Within the same industry, why does it cost so much more to get into some franchises than it does others?
* The more expensive franchises are better known in the marketplace, therefore they can command a higher price (oftentimes you are buying into the value of a well-known name). The less expensive franchises may not have any name recognition and are therefore looking to expand their presence in the market by offering their franchises at a much lower price.
* The more expensive franchises probably have proven formulas for success, which means your investment risk factor will be lower than it would be for a less proven franchise system.
* Also, you will find that those more established franchises that have experienced a long history of advertising and promotion of their products have, in turn, created a higher level of demand for their products, which results in a premium price for their franchise.
Franchising FAQs - To learn more about this author, visit Start Your Business's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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