Franchises & Business Opportunities

The concept of franchising, or licensing operators, originated decades ago and has become very popular ever since. It has been said that 1 out of 12 businesses in the US is a franchise.

Franchising is so popular because it allows entrepreneurs to own and operate their own business, profit from the use of an established brand name, and benefit from a proven system of operations. Franchise companies also provide guidance and consultation on personnel, training, audits and controls, and share in the success of an established marketing plan.

Licensing a brand identity and utilizing the support that a franchise offers can give you access to a successful proven business system.

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Here are some of the most frequently asked questions regarding franchises.

How Long Are the Average Franchise Agreement Terms?

This depends heavily on the franchise you choose. Generally the first term is for 10 years and then you can renew but there might be more fees associated with the renewal.

Can I own more than one franchise store?

Yes, generally you can own as many stores as you’d like in your territory providing you can meet the financial requirements.

How much does it cost to open a franchise?

Depending on the type of store (stand alone, kiosk, storefront, etc.) you open and which franchise you choose, you’ll need somewhere between $100,000 to $300,000.

How quickly will it take to make a profit?

Your profits will depend on how well you run the business, where your location is, and how well you manage your employees. There is no real way to average out how fast you will see a profit because it depends on the individual franchisee.

Do franchises offer financing?

Yes, they typically do offer some financing for the initial franchise fee. For the other costs, most franchises will connect you with a 3rd party lender.

Do most franchises offer training?

Yes. Most franchises offer in-depth training on running the business including marketing, budgeting, products, and other aspects of the business.

 

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