If you’re interested in becoming your own boss and learning more about how an e cig franchise could make that happen, a VaporFi franchise is a good place to start. We’re committed to making sure the franchise process is straightforward and completely transparent. Potential franchisees serious about investing will receive our Franchise Disclosure Document (FDD), a very important legal document that explains in-depth who we are and what becoming a VaporFi franchise owner means. Let’s take a closer look at what an FDD is and three important items that you should pay particular attention to.
What is a Franchise Disclosure Document?
An FDD is a core document that all franchisors have, and is required by law to be made available to every potential franchisee. It provides buyers with accurate and honest information that can be used to make an educated decision about investing in a franchise brand, and because that decision is an important one, potential franchisees must be allowed a minimum of two weeks to familiarize themselves with a company’s Franchise Disclosure Document before anything can be signed. FDD’s cover a lot of bases, and can sometimes be difficult to understand, so many people hire attorneys to help them navigate the document. But there are three items you should always make sure to read in any company’s FDD before making a decision. Let’s look at them.
What is the History of the Franchise?
Before making a decision about whether or not to invest in a brand, you’ll want to know its history. An FDD will include that information and will look specifically at how the franchise came to be and who the major players are, including the founder and management team, and what the operational history is. While reading through this section you’ll want to watch for red flags like inflated resumes and limited work experience on the part of corporate leaders and management. You’ll also want to look for any repeated history of litigation or bankruptcies.
What Will It Cost to Become a Franchisee?
This section will break down the cost of investing in a franchise brand, including the initial franchise fee, multi-unit fees, and necessary supplies and materials. In our case, a VaporFi investment means paying a franchise fee of $29,000 upon signing your Franchise Agreement. Unlike many other franchisors, however, we allow this sum to be broken down into either two lump sums, or monthly payments that will accrue interest. You’ll also be required to pay a monthly royalty fee of $425, or 3% of your monthly gross sales, whichever is greater. All these fees, whether one-time or ongoing, help to pay for training and supporting franchisees, marketing and advertising, and building the brand name in general.
What Kind of Support Will a Franchisee Receive?
One of the benefits of starting your small business as a franchisee, rather than from scratch, is the support you’ll receive as part of your investment in a brand. The details of that support will be outlined in a special section of an FDD, which you’ll want to pay particular attention to. This part of our FDD will go over the training and ongoing assistance you’ll receive, before, during and after you open your VaporFi doors. We’re committed to helping our franchisees succeed because we know the VAporFi brand is only as good as each VaporFi location, so you can count on us being there for you, every step of the way.
If you would like to learn more about how our FDD is an important part of a VaporFi franchise opportunity, get in touch with us today.