Inside Franchise Business - - Franchise Basics -

1. As­sess your skills, strengths and weak­nesses.

2. Com­plete a pre-en­try fran­chise ed­u­ca­tion pro­gram.

3. Ob­tain ad­vice from an ac­coun­tant, lawyer and busi­ness ex­pert.

4. En­sure you re­ceive an in­for­ma­tion state­ment, current dis­clo­sure doc­u­ment, fran­chise agree­ment in fi­nal form and a copy of the Code at least 14 days be­fore en­ter­ing into the agree­ment or mak­ing a non-re­fund­able de­posit. Read the doc­u­ments care­fully.

5. Take com­pre­hen­sive notes of your meet­ings with the fran­chisor. In­sist on the fran­chisor con­firm­ing any claims in writ­ing.

6. Speak to current and pre­vi­ous fran­chisees.

7. Re­search the fran­chise and try to ver­ify the in­for­ma­tion pro­vided to you.

8. If you will oc­cupy premises as part of your fran­chise, be sure you un­der­stand your rights and obli­ga­tions un­der the lease or occupancy agree­ment.

9. Check clauses on ter­mi­na­tion, re­newal, end of term and trans­fer of the fran­chise, and be sure you are will­ing to ac­cept the terms.

10. If the deal is not ac­cept­able, try to ne­go­ti­ate a bet­ter of­fer or look for a bet­ter deal.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.