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January 16, 2023When considering purchasing a franchise, many people worry about the cost of franchise fees. The parent company charges these fees for new franchisees to join their system. If you're new to franchising, you may wonder why these fees seem so high and whether they're worth it. The franchise fee is an upfront payment when you buy a franchise, and it's essential to understand what it covers and why it's necessary.
In this episode of Franchise Hot Seat, Dr. John P. Hayes explains the various expenses that make up franchise fees and advises potential franchisees to thoroughly research the costs before entering the franchising industry. He emphasizes that investing in a franchise, like any other business venture, comes with a price and that a franchisor's guidance also has a cost. Tune in to learn more about the financial considerations of franchising and how to make informed decisions.
TIMESTAMPS:
[:046] Franchise fees: what's in it for me?
[4:38] Every franchise is different
[8:35] Training costs money
[12:25] It takes money to make money
[17:50] franchising is a give-and-take system
GUEST BIO:
Dr. John P. Hayes teaches franchising to college students who seek a career in franchising; people who want to buy a franchise; business owners who want to franchise a business; and Certified Franchise Executives. He is an Amazon #1 best-selling author of several books covering business, marketing, franchising, and biography. Dr. Hayes is also an international speaker at franchise conferences and an advisor to franchisors and prospective franchisees.
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/