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Advice You - Home Based Franchising
Is Home Based Franchising for you?
Do you desire Home Business Ownership but cringe at the thought of starting from scratch?
Possibly a Home based Franchise is your answer.
A Franchise is a business in which "... the franchisor, the owner and developer of the franchise syst
Do you desire Home Business Ownership but cringe at the thought of starting from scratch?
Possibly a Home based Franchise is your answer.
A Franchise is a business in which "... the franchisor, the owner and developer of the franchise syst
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
em licenses [you] franchisees to use trademarks, service marks, logos, or advertising owned or developed by the franchisor." (International Franchising Association, Franchising basics).
With some franchise programs, the business operates using the Franchisor's brand name on
With some franchise programs, the business operates using the Franchisor's brand name on
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ly.
Other programs are less restrictive and allow for the usage of both a trade name in addition to the franchisor's brand name.
Common to all franchise programs, the franchisee[ you] is responsible to pay the franchisor, advertising fees, initial fees, service fees, and or r
Other programs are less restrictive and allow for the usage of both a trade name in addition to the franchisor's brand name.
Common to all franchise programs, the franchisee[ you] is responsible to pay the franchisor, advertising fees, initial fees, service fees, and or r
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
oyalty fees.
You are responsible for payment whether your business is profitable or not.
Additionally, many franchisor's provide educational programs to franchisees before the inception of the business.
Often times, they've done demographic studies and other studies to ensur
You are responsible for payment whether your business is profitable or not.
Additionally, many franchisor's provide educational programs to franchisees before the inception of the business.
Often times, they've done demographic studies and other studies to ensur
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e that you have greater odds of returning a profit.
Major Franchise Types
• Unit Franchising
Is the most simple type of franchise in which the Franchisor grants the franchisee the right to operate a single operation at a specified location or within a particular territory.
Major Franchise Types
• Unit Franchising
Is the most simple type of franchise in which the Franchisor grants the franchisee the right to operate a single operation at a specified location or within a particular territory.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
• Area Development Franchising
In accordance with a "development schedule", the franchisee agrees to establish a predetermined number of "unit franchises" within a particular territory.
• Subfranchising/Master franchizing
Is quite similar to Area Development Franchising
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
with the major difference being that the franchisor grants the subfranchisor the option of opening the unit franchises herself or selling the the franchises to third parties. (Common with International franchising)
• Affiliate Franchising
This type of set up is typically
• Affiliate Franchising
This type of set up is typically
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
sed by an owner of an established business who decides to join/affiliate with a franchised chain.
This allows for the benefit of the franchises brand. This is common with many real estate.
• NonTraditional
This type of set up is customized between the franchisor and the fr
This allows for the benefit of the franchises brand. This is common with many real estate.
• NonTraditional
This type of set up is customized between the franchisor and the fr
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
anchisee.
Franchises are not the same as Dealerships and distributorships
A dealership or distributorship differs from a franchise in that there is no FEE involved. Dealers purchase products usually from the manufacturer at wholesale prices.
Note however, that
Franchises are not the same as Dealerships and distributorships
A dealership or distributorship differs from a franchise in that there is no FEE involved. Dealers purchase products usually from the manufacturer at wholesale prices.
Note however, that
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
a dealership can become a Franchise IF a FEE is paid to the franchisor AND the distributor is dependent upon the franchisor's pay structure.
Considerations when buying a franchise
• There's a benefit to purchasing a franchise that is well known
• Will the franchisor
Considerations when buying a franchise
• There's a benefit to purchasing a franchise that is well known
• Will the franchisor
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
provide ongoing education and support?
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are prov
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are prov
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ided Comprehensive Disclosure, a copy of the franchisor's Standard Franchise Agreement, Audited statements, a list of the names of all of the Franchisees, as well as a copy of all documents that require the franchisees' signing.
By law, each of the above must be provided at le
By law, each of the above must be provided at le
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ast 2 weeks prior to purchase date.
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franc
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franc
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
hise Association www.franchise.org
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is p
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is p
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
rovided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Repor
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Repor
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
t on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questions prior to calling.
Purchasing a franchise usually equates to a reduction in investment risks since the" system" and Franchise name is established
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questions prior to calling.
Purchasing a franchise usually equates to a reduction in investment risks since the" system" and Franchise name is established
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
, training and ongoing support is provided, market research has been conducted... Conversely…
franchise ownership can be costly. Consequently, it is critical that you investigate the franchise thoroughly prior to purchasing.
There is a continual rise in the number of fran
franchise ownership can be costly. Consequently, it is critical that you investigate the franchise thoroughly prior to purchasing.
There is a continual rise in the number of fran
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
chises. Obviously, there's a HUGE market for this method of business ownership. When approached methodically and practically, Franchise ownership can be Very lucrative and much simpler than beginning a business from the ground up.
Be wise and ensure that you conduct suffi
Be wise and ensure that you conduct suffi
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
cient research prior to committment.
If you’ll need financial backing, then you will need to create a business plan. There’s a handy Business Plan workbook available at our site.
Bridging the Gap between Opportunity and Success, OwnABizToday.com
Copyright 2005 Shawn Pric
If you’ll need financial backing, then you will need to create a business plan. There’s a handy Business Plan workbook available at our site.
Bridging the Gap between Opportunity and Success, OwnABizToday.com
Copyright 2005 Shawn Pric
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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