If you’re thinking about a dental franchise opportunity, we think it’s a great idea, by the way — especially when you take advantage of one with FLOSS Dental™. Becoming part of the FLOSS Dental™ franchise brand is a smart way to practice ownership because you can look forward to plenty of training and support. But as you learn more about the world of franchising, you might be confused by some of its terminologies. So here, let’s look at a few common franchise terms you’ll come across as you move forward in your journey, what they mean, and why they’re important.
Opening any new business requires an investment of not only time and effort but money as well. Startup costs, sometimes called an initial investment, refer to the total financial investment aFLOSS™ franchisee will need to make in order to get his or her practice up and running. The great thing about aFLOSS™ opportunity is that it takes into account just about everything you’ll need to open your dental practice with us, including expenses like our franchise fee, working capital, insurance, and so forth. To further our transparency, startup costs are typically represented as a range, showing low- and high-end amounts.
A franchise fee is the one-time lump sum you’ll pay to become part of a brand family. All franchisors charge a franchise fee, payable upon signing a franchise agreement, and as part of adental franchise opportunity withFLOSS™, you can expect to pay $50,000. This fee covers the cost of your onboarding and pre-opening training and grants you access to our proprietary materials, logos, and resources, as well as gives you the right to do business under the recognized and respected FLOSS Dental™ name.
Royalties are the monthly fees collected by the franchisor against your gross receipts. Among other things, this money is used for funding the ongoing support we provide you, R&D of new products and services, and improved operating processes.In our case, that fee is 5% of your gross monthly business.
Franchise Disclosure Document
A Franchise Disclosure Document(FDD) is a very important standardized document required of all franchisors by the Federal Trade Commission. Serious potential investors in FLOSS™ always have at least two weeks to review ours, oftentimes with their attorneys. In it, they’ll find answers to many of the questions they may have about the FLOSS™ brand and our offering, including information regarding our history, our team leaders, our investment numbers, and what they can expect from us in the way of training and support. Investors also learn more about what’s expected of them as FLOSS™franchisees and any monthly fees they’ll be responsible for.
Put simply, a franchisor is a company or brand that offers an investment opportunity to potential franchisees. But in reality, a franchisor is much more than that — or should be, especially when the investment is in a dentalfranchise opportunity. The people behind the brand are what truly determine the strength of a franchisor because those people will be the ones you’ll turn to for ongoing support. In addition to selling you the right to open locations and offer services using their brand name, they’ll also be the people who make sure you’re well-trained and ready to do business. The training and support we offer are one of the best reasons to consider FLOSSDental™ when thinking about a dentalfranchise opportunity.
If you’d like to learn more about becoming part of the FLOSS Dental™ brand family, we’d love to hear from you, so reachout today!