DC Entrepreneurs Learn About Starting a Franchise at DoingBusiness2.0
April 2, 2013
On Wednesday, March 13th, the WDCEP’s monthly seminar of the Doing Business 2.0 series taught a group of hungry entrepreneurs how to start and sustain a franchise. Why franchise, you ask? Franchising is a solution for people who want to own and operate their own business, but also want instant brand recognition. Not only that, but franchisees also get to benefit from the experience and know-how of the franchisor. Franchises can offer entrepreneurs a complete system of doing business, from branding and marketing to assistance with business set up, personnel training, and product supply.
John Reynolds, President of the International Franchise Association, started the seminar by defining franchising as “a marketing method in which the owners of a product or service, known as the ‘franchisor’, offer the right to operate and manage his product and service to others, the ‘franchisees’, in return for a fee and ongoing royalty payments.” He continued with his advice on how to thoroughly investigate a franchise, including franchise disclosure documents. He ended his discussion by providing examples of extremely successful as well as not so successful franchises – check them out below:
Andrew J. Sherman, Partner in the Washington, D.C. office of Jones Day, provided an overview of the U.S. federal and state franchising laws in terms of the franchisor’s obligations and the franchisee’s rights, as well as franchise registration requirements and current trends.
Mariana Huberman, owner of a local UPS store, wrapped up the seminar with lessons learned from her own personal experience in franchising, as well as a few tips for future franchisees. Check out her seven valuable tips in her presentation below.