Are you serious about investing in a franchise and looking for just the right opportunity? If so, you’ll need to perform a thorough due diligence that includes getting the answers to the following questions.
1. What is the Total Cost Involved in Opening a Franchise Location?
The cost of setting up a new franchise business can vary greatly, depending on factors such as the type of business, the initial franchise fee, the location and size, as well as expenses such as site build-out requirements and equipment purchases. You’ll also have startup costs to pay, such as supplies, advertising, utilities, insurance, rent, deposits, etc. As an estimate, you can expect the Fully Promoted franchise cost to be between $174,000 and $178,000, which includes the $49,500 franchising fee. Though, keep in mind that these prices are only an estimate and can change at any time.
2. What is the Expected Time Frame for Opening a Store after Signing a Franchise Agreement?
Depending on the sector and specific franchise you choose, it can take up to a year or more before your new business is up and running. If you join a well-established franchise system like Fully Promoted, you can expect a shorter ramp-up phase because we have years of experience in helping new franchisees get their businesses off the ground, so our procedures and processes are fine-tuned and streamlined.
3. How Long Should it Take for My New Business to Break Even?
Industry regulations limit what a franchise company can tell you about the financial aspects of their offering. However, a franchisor should be willing to provide you with names and contact details for current franchise owners who can share their experiences regarding return on investment (ROI). Talking to other franchisees is vitally important, because they’re your best source of insight into the financial and day-to-day operational aspects of the business.
4. What Industry Experience Does Your Upper Management Have?
When you buy a franchise, you’re joining an established system with a proven track record in its industry that has knowledge and expertise to share with its individual franchisees. While experience in the field is not necessary, it definitely helps to have a leg up in understanding what needs to be done and what might be involved in operating your own business. Though, you can rely on the extensive training and support we offer our franchisees before the store is even open, and the ongoing support offered throughout the life of your business.
5. What Kind of Training and Support do Your Franchisees Receive?
Training and support from your franchisor can mean the difference between your new venture thriving or sputtering. As part of your Fully Promoted franchise cost, you’ll receive in-depth initial training at our headquarters in West Palm Beach, Florida as well as “on the job” training when you open. Additionally, we provide start-up assistance, including help with site selection and design, lease negotiations and your store launch. United Franchise Group is with you every step of the way.
Once your store is up and running, you’ll have easy access to support specialists, technical assistance and ongoing support and training in the latest Fully Promoted and industry developments.
6. What Advantage Does Your Franchise System Have Over its Main Competitors?
When you’re comparing different franchise opportunities to invest in, look for the one that leads its particular sector and offers brand recognition. For the sake of comparison, Fully Promoted is a proven industry leader and the largest embroidery franchise in the world with more than 300 retail locations globally. We’ve had multiple #1 in-category rankings in Entrepreneur Magazine’s Franchise 500 and are recognized as a Top 100 Global Franchise by Franchise Direct.
7. What Monthly Fees do Your Franchisees Pay?
Regardless of the type of franchise you invest in, you can expect to pay certain ongoing monthly fees to the company, and it’s important to understand the percentages you’ll owe and what these fees cover. As part of your ongoing monthly Fully Promoted franchise costs, you’ll pay a six percent royalty that covers franchisee support and resources, and one percent for national/regional advertising. Both fees are based on your gross monthly revenue.
To learn more about investing in a franchise with our exciting Fully Promoted franchise opportunity, contact us today!