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Published byNoreen McGee Modified over 9 years ago
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Franchise Process MELISSA & MIRANDA 1 ST Pd.
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Choosing the right franchise Its best to know what industry you're interested in. You may want to consul a franchise broker to help you out in your process, Also you may want to read different articles to suggest a perfect way you can invest into, remember popularity doesn’t always matter.
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Basic steps on deciding what franchise you can afford 1.Franchise fee- every company will require you to pay a finance fee between 20,000 & 50,000. The fee covers the costs of training support and site selection. 2.Legal fees- first you should always consult with a franchise attorney. Your attorney will help you review the UFOC & franchise agreement. The price for an attorney can range from 1,500 to 5,000 depending on the amount of time you spend with the attorney. 3.Build out costs- once you decide on your location you will be given an estimate on your over all build out costs 4.Inventory- if your investing on a franchise and if your selling a specific product you must stock up on inventory. 5.Supplies- All new businesses require proper supplies to run a business. 6.Working capital- It is important that the working capital covers a length range of time ranging from months up to three years.
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After you choose your franchise Overall, if you take your time and do some good research before making your investment, you will ensure your making the right decision.
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Hiring a Franchise attorney Anyone who is considering on buying a franchise should consult with a franchise attorney. If you do it will help you to better understand the total franchise process. It is very important to consult with your attorney and go over all the documents needed for the franchise. Going over things will ensure you decision.
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Preparing the business plan If you are considering on buying a franchise you should always consider on making a business plan, besides just helping you on your finance it will also lead you on to the road of success.
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