Understanding Franchise Fees
One of the best parts of franchising, as opposed to starting a new business from scratch, is that you can count on your franchisor to show you the ropes and help you ease into your new industry. Opening a Byrider franchise is no exception. In exchange for a franchise fee, you’ll enjoy resources like the use of the franchisor’s brand name and training and support systems. However, not all franchisors are alike, and some offer more support than others. Here, we’ll take a closer look at the Byrider franchise fee and what you’ll get in return.
The Byrider Franchise Fee
Byrider franchises are necessarily large in order to offer customers the wide selection of high-quality used vehicles they’ve come to expect from us. Our franchisees often invest over $1 million to get their dealerships up and running. Of that initial investment, the franchise fee is a modest $50K (the franchise fee for additional locations is only $35K). We work hard to keep our franchise fee low because we want to keep your initial investment manageable while still offering you comprehensive training and support in its early stages. We recognize that when franchisees do well, our whole brand stands to benefit.
The Training You’ll Receive
Your initial franchise fee will help offset some of the costs associated with your training and onboarding. You’ll join us at our headquarters in Carmel, Indiana to take part in your initial training program. In a classroom setting, you’ll learn the basics of sales, finance, and business management. We’ve also put together a database of training materials on our online platform, Byrider Digital University. You and your staff can access these materials as-needed to refresh you on our policies and to take part in ongoing training. All in all, our franchisees are kept up-to-date on industry best practices as well as methods for running their new business as efficiently as possible.
Support to Get Started Strong
Byrider also uses your initial franchise fee to provide you with guidance and support during your business’ early stages. For instance, many independent business owners struggle to find just the right location to set up shop. It takes insight into local demographics as well as knowledge about commercial real estate to make a great selection, which many independent owners simply don’t have. Byrider, on the other hand, has decades of experience getting new dealerships up and running. We’re always collecting demographic research on different areas, and we know how much our new franchisees should spend on their location to keep from eating up too much of their profits.
We also provide our franchisees with marketing support (in their early days and throughout the life of their business) to effectively spread the word about their new business.
Of course, there are many other benefits to franchising with Byrider. Our well-established brand name and industry connections prove invaluable to our franchisees as they work to grow their business.
These are just a few of the key services you’ll enjoy thanks to the initial Byrider franchise fee. Ready to learn more? Contact us today.