The Four Most Common Franchise Fees – Episode 2 – Part 1
It’s not an unknown fact, and in fact, businesses are required to disclose them upfront, but all franchises have fees. Many of them share the same types of fees and some have different line names for them, but if you’re thinking about investing in a franchise, you’ll want to watch this series featuring the successful franchise coach with over 10,000 clients and over 30 years of experience, Terry Powell, and business coach extraordinaire, Clay Clark, as they discuss the most common fees associated with the franchising business model. A lot of people who buy a franchise or who open a business, think that just because your doors are open, you’re going to get business, but a key aspect of getting customers is based on how relentlessly you pursue your customers. If you’re just waiting around for business to come to you, then it never will. This is one reason why having a minimum marketing budget, which was discussed in the previous video, is essential for the success of any business. This may seem like a no brainer, but it’s important to understand your role in a franchise because it is one of the keys to successfully running a franchise business. You’re essentially entering a partnership with the franchisor where you’re interdependent upon each other, each person’s profits depend on the other person’s success. By working together, you can create a win win scenario for both parties as long as you understand your part to play. If you’d like to learn even more about franchising, we encourage you to check out the Thrive15 series with Terry Powell and Clay Clark where they discuss the pros and cons to the franchise business model. You’ll learn some extremely valuable tips and even more information that you need to know before making the move into franchising.