| Since we expect a lot of interested parties are new to Franchising, we have prepared a list of frequently asked questions and answers for you in this section. Franchising FAQ's: What is franchising? A. Franchising is a method of distribution. Although many people associate franchising with fast food, franchising is used in over 86 different industries as a means of expansion. After opening and operating three studios, You're Fired LLC chose to franchise primarily because we believe that we have a terrific operating system and we’ve seen many people try to do what we do and not be successful. Our goal is to enable others to share in what we have learned in operating these three Studios, and to become the strongest brand name in this sector. YF Franchising LLC has been set up to facilitate this process, and has an exclusive license with You're Fired LLC and its intellectual property to accomplish this. What is a franchise? A. A franchise is a license agreement that allows a franchisee to use the trademark and trade dress and operating system of the franchisor in the operation of their business according to certain requirements set by the franchisor. It is a business relationship between the franchisor and the franchisee. The obligations of each party are spelled out in a contract called a franchise agreement. What is a UFOC? A. The offering and sale of franchises is governed by the Federal Trade Commission (FTC) and in some states, by state law. The UFOC, which stands for Uniform Franchise Offering Circular, is a document that franchisors are required to provide to all prospective franchises. It spells out the terms of the franchise agreement and provides information about the franchise concept and the franchisor to prospective franchise buyers. It is similar to a stock or investment prospectus. If you are seriously considering becoming a franchisee, we strongly recommend that you read the UFOC, cover to cover and have it reviewed by a qualified franchise attorney. What am I buying when I buy a franchise? A. YF Franchising LLC and You're Fired LLC are the sole owners of our trademarks, servicemarks and our operating system. As a franchisee, you are “buying” the right to use our trademark, trade dress, servicemarks and our operating system. We will train you in how appropriately to do so. You must also agree to operate according to our standards. What are the benefits of franchising from YF Franchising LLC?
How much does the franchise cost? A. The franchise fee is $15,000.00. There is also a royalty 7.5% of gross revenues on sales up to $275,000 each year and 7% on sales over $275,000. How much does it cost to start the business? A. We estimate that you total investment, including the initial fee is between $59,900 and $120,000. These estimates are based on our experience in opening 3 studios in New Hampshire. Your actual costs may vary based on where you are locating your business so you will need to do your own research and then decide if this is a worthwhile opportunity for you. In Item 7 of our UFOC there is a complete estimate by expense category. We recommend that you look at each category and then determine the cost for that item in your market. The notes to Item 7 provide some additional information that will be very useful to you and you prepare your business plan. How much money can I make? A. If we could promise you a specific amount we would. However, the Federal Trade Commission (FTC) governs the manner in which companies that offer franchises provide prospective franchisees with earnings projections since there is no way to know for sure how any one franchisee or location will perform. The only information that any franchisor can provide is what is included in Item 19 of their UFOC. We have decided, after consultation with our franchise advisors and legal counsel not to provide any information on how much you can earn because we are so well established in our market. We do not want to mislead anyone. You can see the costs involved in starting the business in Item 7 of the UFOC and we encourage you to prepare your own business plan A lot will depend on how good a location you have, your local competition, your willingness to work in and your ability to manage the business. Our system has been tested and proven and we will give you the tools you need to be successful but a lot is up to you. Our training program is very comprehensive and provides you with both classroom and practical work experience. And, of course, we’ll be on-site with you as you open for up to 5 days. While we cannot give you any information that is not in our UFOC today, but once the agreements have been signed we can and will share a lot more financial information with you. If I prepare a business plan will you review it and give me comments? A. We want you to prepare a business plan and we're sure you’re not going to go into any business without one. However, we cannot comment on your plan until after you have signed the agreement. Then, we can revise the plan together. What are you looking for in a franchisee? A. We’ve made a decision to be very selective about who we accept into our franchise system. In order to establish a strong brand it will be critical that all franchisees work together and follow the system that we have developed. We want people who are passionate about our concept, who enjoy the business, who can hire, motivate and manage hourly employees and who aren’t afraid to get their hands dirty. As with any new business venture it will take a lot of hard work to get it off the ground so we’re looking for someone who has a track record of hard-work and success. It is also important that a franchisee have strong customer service skills. And, above all else, we want people who will be positive members of our franchise system. We have set pretty high standards for who we want in our system and we are prepared to have slower growth but we firmly believe that by only selecting the best candidates we’ll have a much better brand and franchise organization in the long run. And, luckily, to date we believe that there are plenty of qualified people interested in this opportunity. What kind of training will I receive? A. You and one other person must complete our Initial training at our headquarters in Bedford, New Hampshire. You are, however responsible for all travel and living expenses. The program lasts 5 days and covers everything you will need to know to open and operate your business. We’ve designed our program to be both classroom and actual experience in one of our studios. Ricci and her husband Michael, as well as long term You're Fired LLC experienced managers will teach the courses. . The program also covers the metrics used to evaluate the business performance and how to correct small problems before they become big problems. We’ll also loan one copy of our confidential New Studio Opening Manual, and one copy of our confidential Operations Manual. We use them in training and it’s a great reference for the questions that arise everyday as you open and actually operate your business. Can I borrow the Operations Manual? I think by reading that I’ll have a pretty good idea of whether or not I’d like the business. A. Unfortunately no. The Operations Manual in any franchise system is highly confidential. It contains all of our trade secrets and methods of operating the business. The Table of Contents is included in the UFOC and we will let you look at it here in our offices during Discovery Day. Who are You’re Fired customers? A. That’s easy. Everyone. We like to say girls aged 5-13 and everyone associated with them. We have a strong following among women and have created a Girls Night Out that is often packed --- we’ve actually had to discourage men from attending. Families are another big market because we appeal to all ages and sitting together painting sets the stage for open conversation. How long does the agreement last? A. The initial term is 10 years. What happens at the end of the contract? Can I renew? A. You don’t actually renew the existing agreement. However, if you’ve been in compliance with the original contract you’ll have the opportunity to sign a new contract under the then current terms. Unlike a lot of franchises we do not charge you a renewal fee. If you’ve been a good franchisee we want to encourage you to stay in the business not discourage you. Can I sell my business? A. Certainly, it is yours to sell at any time. We’ll even help you find a buyer if we can. We do have the right to approve all buyers to make sure they meet our criteria for new franchisees. That way we can protect all franchisees from having unqualified people buy into the system. You wouldn’t want another franchisee to sell their business to someone who was not qualified to maintain the high You’re Fired standards, would you? Do you set my pricing? A. No. However, we will train you in how to establish prices in your market, and will recommend pricing for you. I like the You’re FiredSM Franchise concept, where do I sign? A. Sorry, it’s not that simple. We believe that we have a terrific opportunity to grow a strong brand with You’re FiredSM Studios through franchising, but we’re new to franchising, and our franchise consultants have told us (over and over) that it is important to select our first franchisees very carefully. We have established an Approval Committee who will make the final decision on all franchisees. To be considered you need to submit a preliminary application, come to a Discovery Day, be invited to fill out a detailed application and pass a personal and financial background check. If you're ready to begin, click here to fill out and submit the Preliminary Application. Preliminary Franchise Application |
| You're FiredSM Paint Your Own Pottery and Mosaics Studios Franchising FAQ's |
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