The Franchise Agreement is a critical part of any franchise system, and thats why its so important to take the time to understand where you stand as a franchisor. Here's a number of tips that will help you manage your franchise without any major worries:
- Understand your agreement and get legal advice
- Sign and date it and always keep a copy safe. You never know when you might need it.
- Understand your obligations. Remember, its a partnership with obligations on all parties.
- Monitor the franchisee and their activities. Are they doing things the way they are supposed to?
- Deal with non compliance. If franchisees are breaking clauses, then its up to you to point their mistakes
- Communicate with your franchisees on an ongoing basis. You never knwow what might come up!
A good franchise agreement makes life easy for franchisees and franchisors. The more effective the agreement, the better the franchise relationship. So make it count!