We want to franchise our business (a special retail store). The important question for us is, what price shall we estimate? Our franchise advisor said, $ 50.000,00 is a good price but we think, that $ 20.000,00 is enough so that people have the possibility to get a own business.
#1. "RE: Price for franchise ?" In response to Reply # 0
Honestly, this is not a question that you'll get an answer to on a board.
1) You have to have everything about your company written down. Every procedure, every system, everything about every "role" in the place. Also have a full business plan.
2) You need a lawyer to help you determine which way to create what you're looking to do. Franchising, licensing, and there are other options.
3) Speak to your CPA about what you're trying to do. They'll be a help, too.
There are books out there on franchising. I would pick up a couple and read them.
If you're paying someone who is an expert in their field -- like a franchise advisor -- why not take their advise and not second guess them.
Rule in business is ... whatever time you think something will take... whatever money you think something will take... double what you think and you'll have a much better idea of what the cost really is.
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#2. "RE: Price for franchise ?" In response to Reply # 0
Another quick tip is to look through the Franchise Handbook to get a good feel for what other franchisors charge. You'll be able to see what is the going rate in your particular industry. Keep in mind the quoted figures are often incomplete. Some include only the franchise fee and not the start up costs. Others quote a net worth requirement which should not be confused with the cash requirement.
As was already mentioned, there is no way someone here can tell what your franchise fee should be, but you should be able to get a general idea of what the going rates are with some research.
#3. "RE: Price for franchise ?" In response to Reply # 0
Well it all depends on how much you value your business. I invested under $5oo into a company thats worth millions and they offer me the same oppurtunity to make actually what they make or even more...I invested $500 for a million dollar a year business, now thats awesome!...so know what you have to offer, because its more valuable than as much as what the person put into it.
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