Are you intending to open new business? Among many potential businesses to run todays, franchise is one of best option you can choose. However, once you deal with which franchise you have gone for, there are still some points to accomplish. Thus, here are some common guides that can be helpful to complete the transaction more effectively whether regarding the costs, time, or effort.
Since you are about to deal with the franchisor for a particular period of time, it is wise for you to collect details from the company. For example, you can study the from where the franchisor provides financial illustrations because the information can be useful for your needs and requirements.
Consulting with bank manager
Bank is important factor to smoothen your business in the future because it provides the loan you may need. So, you can contact your bank manager and consult about their ability to provide you the loan you require for the type of franchise you are planning to purchase.
Getting personal accountant advices
Although you have reached the deal with your solicitor, this can be satisfying to take a time to meet your accountant and ask for advices. On this step, there should be ideas of premises you will be occupying as well as area of operations if it is a mobile franchise you deal with.
Signing franchise agreement
In this process, it is important for you to have your solicitor guide you. and this option should be available because it secures satisfactory premises and a bank loan. If in particular circumstance retail premises should be required, you will need to ask your franchisor related to the information of converting the premises into a franchised outlet.
Bank loan agreement
While enduring the process, you have to ensure that your bank have already responded to your application for a loan. If the bank approved your applications, you will have to push everything involved into finalizing the lease for the premises, but you need to also make sure that you have signed the franchise agreement and the bank’s agreement before you embrace the binding commitment to take on premises.
Furthermore, this will be the time for you to transform the premises into a franchised outlet and joining the franchisor’s training course.