Creating a business plan is the initial first step for entrepreneurs who want to venture into a new market franchise. A well-developed franchise business plan enables business owners to convince other investors and lenders to give them the capital needed to materialize their franchise dreams. It allows lenders to critically evaluate whether the prospective franchisee will be successful or not and offers a straightforward account of the prospective business, the leaders involved, and the likelihood of getting their money back before approving any loans to the franchisee.
For aspiring franchisees, Discovery Day is a chance to demonstrate their suitability for franchise ownership - it’s also an opportunity for franchisees to learn more about the franchise and leadership team. So, what can a potential franchisee do to make the best of Discovery Day?
A franchise contract serves for a particular period upon signing, after which it expires. The terms may range from 10, 15 to 20 years. This article serves to explain the franchise renewal process.