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What is a Franchise?
A franchise is an arrangement for the distribution of a service into the market place. At least two parties are involved; the franchisor, who lends the Trade Mark and business system, and the franchisee, who pays a royalty and an initial fee to do business under the franchisor’s name and system. Technically, the contract binding the two parties is ‘the franchise’, but that term is often used to mean the actual business that the franchisee operates under the franchisor’s system.
Will I be running my own business?
Yes. While franchising means you will never have to be in business by yourself, you certainly are in business for yourself!
I would like to pursue multi-site franchise opportunities, Is this possible?
Yes. Finest Alterations encourages Multi-Site ownership, however there is a comprehensive Multi-Site Assessment process that you will be required to under-go to be approved as a Multi-Site Boost Partner. Our criteria for Multi-Site ownership include operation of your initial store for a minimum of six months, achievement of certain KPI’s such as mystery shopper averages, store audits, compliance to the Franchise Agreement and business acumen.
I am interested and I think I qualify, what do I do next?
Telephone Phil Blain or Norliza Pavlakos at Finest Alterations and they will answer some basic questions to see if our business appeals to you and see if you can imagine yourself having fun and running a franchise all at the same time!
We will then ask you to complete our Confidentiality Agreement and Application Form. After the application is in our hands we will contact you and begin the process of taking you through a careful and detailed review of our existing business before you make any final decision.
What do I get with my Finest Alterations franchise?
When you become a Finest Alterations franchisee you have access to the Finest Alterations name, concept, business systems, support and ongoing business development. You become part of the Finest Alterations network, sharing experience and advertising costs, and benefiting from all our knowledge and developed skills for our industry. You are provided with everything that you need to commence trading.
How much capital will I need to invest in my business?
The total business opportunity could amount to $100,000 or higher, depending upon the opportunity in question. This amount provides for everything required to start business. The Disclosure Document gives you all the details in a comprehensive manner.
What ongoing fees do I have to pay?
You pay an ongoing Service Fee for the use of the Finest Alterations name and system and with that comes a great deal of business advice and support. You will also contribute to advertising and that too is detailed in the Disclosure Document.
How long is my Franchise Agreement for?
It runs for five years. At the end of that time you will be able to renew for a further five years. There is a small Renewal Fee to cover legal costs. As our success is measured by your success, it is in our interest to ensure you stay with us for as long as you desire.
What background and experience do I need?
The right attitude is the most important asset that you can bring to the business and is what you really need in order to be a Finest Alterations franchisee. You have to be a team player kind of person. We look for these and other characteristics in people wishing to join us. Also, you will be required to fill out a Confidentiality Agreement and an Application Form.
Does Finest Alterations provide training?
Yes. Finest Alterations provides full comprehensive training in all aspects of the system, as well as giving you additional support with those ‘once off’ activities which need to be done when you set up a new business. Our training is presented in a structured program and we have checklists to make sure everything is covered. The Finest Alterations Induction Training (initial training) will take about two weeks and you must be prepared to allocate your time to this.
Finest Alterations will provide ongoing training according to your feedback and our interpretation of your needs.
What do I get for my Franchise Fee?
In the formal sense it is the fee you pay to be granted the Intellectual Property rights and privileges that go with operating a Finest Alterations franchise.
Can I sell my Franchise?
Yes. The business is yours to build up and sell if you wish although Finest Alterations do need to approve the new franchisee.
How long until I am up and running?
The timing of your store opening is completely dependant on the handover and lease commencement date outlined in the lease. Our internal Leasing Department negotiates all of the commercial terms of the lease, including the handover date. We nominate a date suitable to you, to the landlord and to Finest Alterations.
