Is a Pork Office Franchise for you? This is a question you need to consider carefully before committing to this venture. Be honest with yourself and be sure you have the passion and the financial means to make this a success.
- Work out what can you afford: Levels of investment range greatly. It’s important to find out what the total start-up fee typically is, not just the franchise fee. Assess and understand from the beginning of your process what you can afford to invest and your working capital
- Understand the franchise: Make sure you understand all the business operations and what you’ll be doing on a daily basis, as well as the lifestyle it will give you. You may choose a field you’re experienced in, or one that you’re passionate about – but think carefully about what you want to do!
- Consider the training: Be sure that the training provided – both initially to get you up and running and on an ongoing basis to help your business grow – is sufficient for you to be able to gain the skills required to operate the business successfully.
- Consider ongoing fees: Franchisors charge a management service (royalty) fee, which will usually be collected either as a percentage of monthly turnover, or through the supply of the raw materials that you need to operate. Make sure you understand the structure and level of fees, and what you get in return. These fees fund the ongoing support that you receive and the future development of the business.
- Talk to head office staff: Don’t underestimate the importance of meeting the people involved at head office, finding out who you would be in contact with and what their experience is. You need to have a good, ongoing relationship with these people, so you need to ensure that you can work with them on a regular basis.
- Get the franchise agreement checked by a franchise lawyer: You’re about to sign a legally binding contract, usually for five years at a time. Getting it reviewed – to know exactly what you’re signing up for – is essential!
- Selection process: If the franchisor doesn’t appear selective about who they recruit, walk away. You want to see that they are stringent in their process and don’t just allow anyone and everyone to join the network whose brand you will be trading under.
- Finally, take your time! Make sure you assess and re-assess everything as part of your research before you fall in love with a concept and a dream. You’re parting with your hard-earned money and making a commitment for several years (usually five years at a time), so it’s essential to be certain rather than making an expensive mistake.
- Have you found your premises?Premises can be one of the most expensive, especially if you need a location with good footfall, as rent and rates can be costly.
- Deposits. You could be asked to pay a deposit to show that you are serious about buying your franchise. This is fairly standard procedure, but you should take great care to ensure that you are fully aware of the conditions for a refund and what costs might be deducted.
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