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1. The formal and technical language of legal documents that is often hard to understand. 2. Need-to-know legal advice from Jason Power
An add-on franchise can boost the profits of an existing business
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any people have been bitten by the entrepreneurial bug and have started businesses rather than buying into a franchise. Many of those same people later realize they’re missing out on a huge opportunity to reach additional customers through the addition of extra products or services. This is where franchising can lend a hand through an add-on franchise. SO WHAT IS AN ADD-ON FRANCHISE AND HOW DOES IT WORK? Many businesses are seasonal or offer services that can be easily complemented with related services. In these cases, a business owner can take the existing business model and add extra products or services offered by a franchise system. SOME EXAMPLES OF THIS MODEL INCLUDE: • Lawn maintenance companies that add tree-trimming services. • Convenience stores that add gasoline or fast-food options. • Roofing companies that add fire, smoke, water, and mold-remediation services. 30
FranchiseDictionaryMagazine.com
These are just a few of the business models that can leverage their existing customer bases by selling additional products or services. By adding the complementary franchise, these business owners can enhance their existing companies by leveraging the buying power of the franchise, its brand recognition, and the support system offered by the franchisor. WHAT ABOUT THE PROS AND CONS OF ADDING A FRANCHISE TO AN EXISTING BUSINESS? With every business, pros and cons must be considered. The obvious benefit to this add-on model is the new profit center derived from the
