Franchise Comparison Worksheet
What this document covers
The Franchise Comparison Worksheet is a valuable tool designed to help prospective franchise owners evaluate and compare different franchise opportunities. Unlike other forms, this worksheet systematically scores various aspects of each franchise, allowing users to make informed decisions based on a thorough analysis of the franchisors, products, market areas, contracts, and support systems.
What’s included in this form
- A section for evaluating the franchisor's track record and financial condition.
- Criteria to assess the demand and competition for the product or service offered.
- Analysis of the market area, including territory exclusivity and competition.
- A review of contract conditions, including fees, royalties, and renewal terms.
- Details on the support provided by the franchisor, such as training and advertising.
When to use this form
This form is ideal for individuals considering multiple franchise opportunities. Use it when you want to weigh the pros and cons of various franchises, ensuring that you choose the most attractive option based on critical business metrics.
Who can use this document
- Entrepreneurs exploring franchise ownership options.
- Individuals familiar with business concepts but new to franchising.
- Franchise consultants assisting clients with franchise decisions.
- Investors evaluating potential franchise investments.
How to complete this form
- Assign each franchise a column number to compare their characteristics.
- Evaluate the franchisor by rating their track record, expertise, and financial standing on a scale of one to three.
- Assess the product or service's demand, competition, and growth potential using the allocated space.
- Examine the market area focusing on territory conditions and competition.
- Review contract details, including fees and support provided to franchisees.
- Total the scores for each franchise to identify the highest scoring option.
Does this form need to be notarized?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
Mistakes to watch out for
- Failing to rate each aspect consistently, leading to inaccuracies in scoring.
- Not considering local market conditions that may affect franchise success.
- Overlooking ongoing support provided by the franchisor after initial investment.
- Ignoring comparisons of total cost of ownership across franchises.
Advantages of online completion
- Convenient access to the worksheet from anywhere at any time.
- Easily editable, allowing users to update scores or details as needed.
- Reliability in using a template drafted by licensed attorneys ensures compliance with legal standards.
Legal use & context
- This worksheet is a planning tool and does not create any binding legal obligations.
- It is essential for franchise candidates to seek legal advice regarding franchise agreements.
- The comparison should be part of a broader due diligence process when selecting a franchisor.
Form popularity
FAQ
Dunkin' Taco Bell. McDonald's. Sonic Drive-In. The UPS Store. Ace Hardware. Planet Fitness. Jersey Mike's Subs.
Fixed fee; percentage of weekly or monthly revenue; a percentage of each specific item sold; or. total percentage of profit.
Job Franchise. Product (or Distribution) Franchise. Business Format Franchise. Investment Franchise. Conversion franchise.
The average or typical royalty percentage in a franchise is 5 to 6 percent of volume, but these fees can range from a small fraction of 1 to 50 percent or more of revenue, depending on the franchise.
In e-franchisee scheme, the investment is from Rs 5 lakh to Rs 15 lakh. The scheme offers three options: Ecom Partner, for online retailers selling multiple brands; Retail SIS, for family jewellers, and boutique and ethnic store owners; and Direct Sellers , for housewives, financial planners and new entrepreneurs.
Cruise Planners. Franchise fee: $10,995. Fit4Mom. Franchise fee: $5,495 to $10,495. Chem-Dry. Franchise fee: $23,500. Jazzercise. Franchise fee: $1,250. Stratus Building Solutions. SuperGlass Windshield Repair. Mosquito Squad. Pillar to Post Home Inspectors.
There are three different types of franchises which you can choose from, they vary in terms of your position, your input into the business and the amount of involvement of the franchisor. The three types of franchises are; the business format franchise, product distribution franchise and management franchise.
McDonald's. Dunkin' The UPS Store. Dream Vacations. The Maids. Anytime Fitness. Pearle Vision. JAN-PRO.
Learn the 4 main types of franchise arrangements: single unit, multi unit, area developer and master franchise. The franchising industry is very versatile, with multiple franchises, industry options and investment ranges.