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Is there a basic structured agreement that would be a starting point for a person looking to become a franchisee of a franchise? Is there a standard or typical anticipated earnings potential, or is it all just like "go make %15 more year over year until we only want %5 of your gross sales" ? Are all these franchise businesses so unique that no standard agreement exists? Thank you for indulging me with these questions
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Franchise agreements can vary quite a bit, but there are some common elements you'll find in many of them. Typically, they outline things like fees, territory, training, and support. As for earnings potential, that can be hard to generalize since it depends on the specific franchise and your efforts. It's not one-size-fits-all, but you'll often get some financial info in the franchise disclosure document (FDD). I'm actually in the process of opening my own fitness and gym franchise with https://hitsona.com/barnstaple/. So I've been diving into these agreements with my lawyer to make sure I'm well-prepared and won't face any unexpected challenges from the franchisor down the road! It's quite a learning journey.
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