Your franchise agreement is a contract that defines the rights and obligations of you and the franchisor. It is an essential document in establishing a successful and mutually beneficial franchise relationship. Unfortunately, not all franchise agreements are created...
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When franchisors violate the protected territory of a franchisee
Buying into a franchise offers a variety of benefits. It takes much less to succeed when running a company as part of an established brand than it does to create one's own niche within a local market. Additionally, franchisors typically offer a variety of support...
Why is uniformity required of franchisees?
As a franchisee, when running your location, it’s important to adhere to the rules and regulations set up by the franchise. Remember that uniformity is often required. You have to run your business in a certain way and you give up a large degree of creative control by...
4 leading causes of franchise disputes
From hotels and restaurants to gyms, tech and retail, franchise opportunities exist in pretty much every industry. And if you get everything right, buying into an already established brand can provide amazing opportunities for your entrepreneurship journey. At the...
On what grounds can a franchise agreement be terminated?
The relationship between a franchisor and a franchisee is, in many ways, similar to a marriage. It is meant to be founded on honesty, trust, and accountability. And just like marriage, it is not uncommon for a franchisor and a franchisee to have their differences. If...
What percentage of franchisees fail? Why do they fail?
Crazy faux statistics get circulated online all the time -- with no hard data to back up their outlandish claims. You may have heard the rumor, for example, that fewer than 5% of franchisees fail. In truth, the rate of franchisees that wind up shuttering their doors...
2 mistakes to avoid when buying a franchise
Sometimes prospective entrepreneurs prefer franchising a business to starting one from scratch. There various reasons for this, for instance, the idea of investing in an already established brand with a proven business model that you can easily replicate and succeed...
Can you terminate a franchise contract?
Owning a franchise can be one of the quickest ways to dive into the broader business world. If you are a franchisee, you have instant access to an established brand and market. And if you are a franchisor, you earn from giving someone the right to benefit from your...
3 reasons some franchisees fail
Franchising has significant benefits, including operating under a brand already recognized, business assistance (training and knowledge) from the franchisor, easy access to suppliers, and many more. Further, franchises have a high success rate. However, some fail,...
4 key elements of a Franchise Disclosure Document
Contracts are crucial when you run a business. As a franchisee, one of the most crucial will be your Franchise Disclosure Document. It covers 23 specific elements. Here are some of the most essential areas they cover: Who are you getting into business with? You need...