Tutorial 1: What is a Franchise?

June 6, 2018 admin

Franchising is a business relationship in which an owner (franchisor) gives a license to a third party (franchisee) allowing them the right to use its operating system, name, trademarked materials, products, and marketing techniques. It’s an extremely popular way of doing business, which means it’s nearly impossible not to have [read more…]

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Tutorial 2: Intro to Franchise Fee Fundamentals

June 5, 2018 admin

 Have you ever wondered why franchisors charge franchise fees? Simply put, these fees ensure the franchisor has a vested interest in your future. But let’s back up a little bit. You’re probably asking yourself, what exactly are franchise fees and why are they important? Typically, franchise fees are paid by [read more…]

Tutorial 3: What You Need to Know About Deposits

June 4, 2018 admin

Let’s recap. In Intro to Franchise Fee Fundamentals we briefly mentioned that before a franchisee enters a franchise agreement, two types of fees are required: An initial fee A royalty fee But prior to entering some franchise agreements, there’s often a third fee – a deposit. A deposit (typically a [read more…]

Tutorial 4: Intro to Disclosure Documents

June 2, 2018 admin

As someone who is seriously considering investing in a franchise, you’ve probably completed your fair share of research. And if you’ve conducted all your due diligence, it’s inevitable that you came across something called a Disclosure Document. Anyone ready to take the leap into business ownership should have a comprehensive [read more…]

Tutorial 5: Intro to Royalties

May 31, 2018 admin

Within almost all franchise systems, franchisees are required to pay a royalty fee. This is an ongoing payment that gives franchisees the right to use the franchisor’s trademarks and operating system. Why pay a royalty fee? Customers tend to trust brands they know. It’s one of the reasons why the [read more…]

Tutorial 6: Intro to Advertising Fees

May 29, 2018 admin

As you know, investing in a franchise comes with its fair share of fees. Based on the research you’ve conducted up to this point, you should understand the most common ones, including ongoing royalties and the initial franchise fee. But did you know that franchisors may also require franchisees to [read more…]

Tutorial 7: Initial Training

May 26, 2018 admin

If you recall from tutorial 1, you’ll remember that the hallmark of a successful franchise is consistency. No matter which location or time of day you visit a franchised location, the experience should be the same each and every time (i.e. you order a burger at your favourite restaurant, you [read more…]

Tutorial 8: Intro to Ongoing Franchise Training

May 24, 2018 admin

When it comes to providing franchisees with support, great franchisors won’t just stop with the initial training. In fact, you’ll know right away if a franchise is successful if they put a heavy emphasis on ongoing training. When a franchise system provides its franchisees with continuous training and learning opportunities, [read more…]

Tutorial 9: Intro to Franchise Operation Manuals

May 20, 2018 admin

What are operation manuals? Make a note of this – successful franchisors provide instructions for operating their business in writing. Operation manuals, while varied among business models, typically emphasize price value, quality, consistency and customer service. As a franchisee, these are the manuals you’ll refer to for running the business. [read more…]

Tutorial 10: Intro to Franchisee Advisory Councils

May 17, 2018 admin

Joining a successful franchise system means franchisees get the security of operating a proven business model with support and guidance from head office. And although franchisees follow the structure established by the franchisor, what you probably don’t know is that many successful franchise systems have something called a Franchisee Advisory [read more…]

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