Opening a Retail Franchise: What Are Some Common Franchise Terms?
Opening a retail franchise with Batteries Plus is a great way to become your own boss while becoming part of a trusted and established brand that has decades of industry experience. But as you learn more about the world of franchising, you might be confused by some of its language, which can be unique and, at times, confusing. Here, we’ll look at a few common terms you’ll come across as you move forward in your journey toward franchise ownership, what they mean, and why they’re important.
On the surface, a franchisor is a company or brand that offers an investment opportunity to potential franchisees. But in fact, a franchisor is much more than that — or should be. The people behind the brand are what really determine the strength of a franchisor because those people will be the ones you’ll turn to for advice and support. Opening a Batteries Plus tech franchise means you’ll enjoy complete training and support, helping to pave the way toward growth. We know the continued success of the Batteries Plus name depends on that of our franchisees, so we don’t leave that up to chance. We’re with them — every step of the way!
Becoming a franchisee involves several important steps, each one providing both the franchisor and the potential franchisee opportunities to learn more about each other. Perhaps no step does that better than a Discover Day.
All franchise brands have a Discover Day as part of their franchise process. It’s a time for prospective franchisees to meet with brand leaders to learn more about the culture of a brand, its value propositions, and its support of franchisees. It typically takes place at corporate headquarters and is usually the last step before a franchise agreement is signed.
A franchise fee is a one-time sum you’ll pay to become part of a brand family. All franchisors charge this fee, payable upon the signing of your franchise agreement, and when you open a franchise with Batteries Plus, you can expect to pay between $29,000 and $39,000. This fee covers the cost of your onboarding and pre-opening training. It also grants you access to our proprietary materials, logos, and resources, as well as gives you the right to do business under the recognized and respected Batteries Plus name.
Royalties are the monthly fees collected by the franchisor against your gross receipts. Among other things, this money is used to fund the ongoing support we provide you, research and development and improved operating processes, among other resources.
Opening a retail franchise with Batteries Plus is one of the best ways to own a small business because you’ll be backed by our experience and resources to help you grow and succeed in our industry. You’ll be in business for yourself but not by yourself, and that can be a great feeling!
To find out more about opening a retail franchise with Batteries Plus, get in touch today!