Franchise Fundamentals Peoria IL
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Franchise Fundamentals
Source: REMODELING Magazine
Publication date: March 1, 2005
By Nina Patel
A residential construction-related franchise can be a great investment — for the right firm or manager. However, the price remodelers have to pay is more than just the purchase cost — it includes significant capital to buy the territory and set up the franchise as well as payment of royalties over the duration of the partnership.
But even more of a concern for remodelers is the loss of autonomy over their business. Remodelers who enter a franchise agreement must be willing to restrain the self-reliant entrepreneurial spirit they called on to start up and run their company.
Some franchisors compare the process of finding, evaluating, and joining a franchise to the process of dating, engagement, and marriage — with the franchise contract as a pre-nuptial agreement that spells out the responsibilities of both parties.
Indeed, the back and forth can be both fun and frightening, and the future not always clear. Fortunately, there are questions to ask and answer and processes to follow to make finding “the one” all the more successful.
Why Buy?Buying a franchise has many benefits. A franchisor provides a sophisticated analysis of the market for their product or service, proven systems, peer and company support, buying power, and upped resale value.
For construction industry novices, a franchise offers a map to success.