Apr 10, 2017 - A Guide to Franchising Your Restaurant. Your marketing responsibilities not only increase in reach, but also include a new area – marketing. Browse the latest in franchise guides on Franchising.com. Covering a wide variety of topics including Finance, Human Resources, Legal, Management, Marketing, Real Estate, and Technology.
Franchise Marketing Plan
When you buy a franchise, you may be able to sell goods and services that have instant name recognition, and get training and support that can help you succeed. But purchasing a franchise is like any other investment: there’s no guarantee of success. The Federal Trade Commission, the nation’s consumer protection agency, has prepared this Guide to help you decide if a franchise is right for you.
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It suggests ways to shop for a franchise opportunity and highlights key questions you need to ask before you invest. The Guide also explains how to use the disclosure document that franchisors must give you — under the FTC’s Franchise Rule — so you can investigate and evaluate a franchise opportunity.
• • • • • • • The Franchise Business Model A franchise enables you, the investor or franchisee, to operate a business. You pay a franchise fee and you get a format or system developed by the company (franchisor), the right to use the franchisor’s name for a specific number of years and assistance. For example, the franchisor may provide you with help in finding a location for your outlet; initial training and an operating manual; and advice on management, marketing or personnel. The franchisor may provide support through periodic newsletters, a toll-free telephone number, a website or scheduled workshops or seminars.
Owning a franchise comes with defined costs, franchisor controls and contractual obligations. Costs In exchange for the right to use the franchisor’s name and benefit from the franchisor’s assistance, you will pay some or all of the following: Initial Franchise Fee and Other Expenses Your initial franchise fee will typically range from tens of thousands of dollars to several hundred thousand dollars and may be non-refundable. You may face significant costs to rent, build and equip an outlet and to buy initial inventory. You also may have to pay for operating licenses and insurance and a “grand opening” fee to the franchisor to promote your new outlet. Continuing Royalty Payments You may have to pay the franchisor royalties based on a percentage of your weekly or monthly gross income. Typically, you must pay royalties for the right to use the franchisor’s name, even if you are losing money.
You may have to pay royalties for the duration of your franchise agreement even if the franchisor doesn’t provide the services it promised and even if you decide to terminate your franchisee agreement early. Advertising Fees You also may have to contribute to an advertising fund. Some portion of the advertising fees may be allocated to national advertising or to attract new franchise owners, rather than to promote your outlet. Franchisor Controls To ensure uniformity, franchisors usually control how franchisees conduct business.
Guide To Buying A Franchise
These controls may significantly restrict your ability to exercise your own business judgment. A franchisor may control: Site Approval Many franchisors retain the right to approve sites for their outlets, and may not approve a site you select. Some franchisors conduct extensive site studies as part of the approval process and a site they approve may be more likely to attract customers. Design or Appearance Standards Franchisors may impose design or appearance standards to ensure a uniform look among their outlets. Some franchisors require periodic renovations or design changes; complying with these requirements may increase your costs. Restrictions on Goods and Services You Sell Franchisors may restrict the goods and services you sell. For example, if you own a restaurant franchise, you may not be able to make any changes to your menu.
Franchise Marketing Systems
If you own an automobile transmission repair franchise, you may not be able to perform other types of automotive work, like brake or electrical system repairs. Restrictions on Method of Operation Franchisors may require that you operate in a particular way.