This step will be the most exciting day since initial franchise research: signing day! This is the day that you have fully committed to a franchise and have signed the franchise agreement. You are ready to start your business and dive into being a franchise owner. Before you can start the celebration there are a few items that first must be completed.
You should look over the Franchise Agreement one more time before singing. When looking over this document be aware of how long this contract binds you to this franchise. From that the fees you should look over include the fees for renewing the contract and the royalties you pay to the franchisor. At the signing, you will most likely need to pay any upfront or initial investment fees. Ask the franchisor how they prefer you pay these fees.
During signing day you should expect the details of day-to-day business and how you will operate your franchise. This is the day that you will become a franchisee and be a part of a company. There could be final negotiations about territory, pricing, and so on. Go into this day with any final questions about the contract or general questions about what happens next.
You will also go over how the money and profits from the franchise will be handled after signing. Your franchise will provide royalties, a percentage or flat rate of the profits, to the franchisor. Be sure you understand how much that is and what the ongoing fees will be after signing.
This day should be filled with excitement and relief that you have come to your final decision. From here, you will start your business and new career path. You should have full confidence that this is the right choice for yourself and the business you wish to run.
