At this point you have spent months researching the franchise industry, assessing suitable franchise opportunities, engaging in conversation with franchisors and deep-diving into one, two or maybe three, specific franchise opportunities.
You have attended a Discovery Day, created a business plan, spoken with existing franchisees, possibly raised finance, reviewed your Franchise Agreement and engaged in conversation with the franchisor throughout the entire process.
Now, you are ready to sign your franchise agreement.
This is a big moment for both you and the franchisor.
You have both gone through an exploratory and screening process and arrived at a place where you are both wanting to go into business together.
For many people, this marks the changing of their life where they begin to pursue a path that is more aligned to their ambitions and one that allows them a greater deal of freedom.
Signing the Franchise Agreement coincides with paying the deposit for the franchise. This deposit usually covers the training fees, which is how much it costs the franchisor to put you through training.
The remainder of the franchise fees are usually due when you start training, or a week or so after. It’s good practice to pay these as quickly as possible, then you can focus on going through training and getting your business setup as quickly and successfully as possible.