Opening a franchise involves various legal requirements and considerations that both the franchisor and franchisee must adhere to. Some key legalities of opening a franchise include the franchise agreement, Franchise Disclosure Document (FDD), compliance, and regulations, amongst other things.
According to the International Franchise Association, approximately 775,000 franchises are contributing $787.7B of the economic output of the US economy. The lucrative industry offers low-risk opportunities for investors looking to own businesses with the support and guidance of an established brand like The Great Greek.
What Is a Franchise Disclosure Document?
The Franchise Disclosure Document is an essential legal document that franchisors are required to provide to prospective franchisees in the US. The FDD includes detailed information about the franchise system, including the franchisor’s history and business experience, the costs involved in starting and operating the franchise, and the terms of the franchise agreement.
As a prospective franchisee looking to invest with us, it’s suggested you consult with a lawyer to carefully review the FDD before signing the franchise agreement, so you can understand what the financial investment entails. An FDD will include detailed information about:
- The franchise fees and costs, ongoing royalties, advertising fees, and other costs associated with operating the franchise.
- The franchisor’s financial performance, such as historical financial information about the franchise and any future financial projections.
- The franchisor’s background, history, business experience, litigation history, and bankruptcy filings.
- Any restrictions or limitations regarding the operations of your business. For instance, whether you’ll have an exclusive territory or not.
- The ongoing training and support you’ll receive throughout your franchise partnership.
- The franchisor’s intellectual property, including trademarks, service marks, and other intellectual property rights.
- The franchisor’s advertising and marketing programs or resources and the franchisee’s obligations to participate in those programs.
Why The Great Greek Is a Good Investment Opportunity
Greek cuisine has been gaining popularity around the world in recent years, with more people looking for healthy and flavorful options. The Great Greek’s focus on fresh, healthy ingredients and authentic recipes make it an attractive option for diners.
Investing in our franchise provides you with several benefits. You can leverage the success and recognition of an established brand, tap into multiple revenue streams such as dine-in, takeout, and catering, or take advantage of our multi-unit opportunity that enables you to invest in as many locations as you’d like. This can result in a consistent flow of revenue, making your business more resilient to market changes. As a potential franchisee, you’ll enjoy the following advantages:
- A strong brand identity that emphasizes the use of fresh, high-quality ingredients and authentic Greek recipes.
- Built-in-demand where you automatically attract customers who are already familiar with our restaurant brand.
- The security of a proven track record of success and the opportunity for expansion to reach even more consumers.
- Access to a professional franchise network
- Comprehensive training and support to prepare you for every aspect of opening and operating a Great Greek Mediterranean Grill restaurant.
- Opportunities to leverage our model by opting for Area Developer or Master Licensee positions.
What are the Steps to Open a Franchise Business with Us?
Opening a Great Greek Mediterranean Grill restaurant is a simple process. The first step is researching and understanding the legal requirements for restaurant franchises. Next, complete the information form to receive our FREE Greek restaurant franchise brochure. This brochure will provide details on start-up costs, steps to ownership, and proven turnkey investment strategies. Once you have reviewed the brochure, the next step is to select the best location for your franchise. Our available territories map will assist you in narrowing down your options, and our team will help you determine the most convenient, visible, and accessible locations for your customers.
Understanding the legalities of opening a franchise is a critical step in the process of becoming a successful franchisee. Taking the time to research and familiarize oneself with the legal requirements and regulations can prevent potential setbacks. Fortunately, we’re here to help you get started so that you can build a thriving restaurant business!
If you’re an entrepreneur or investor looking to venture into franchising, the Great Greek Mediterranean Grill is a great option to consider. We’ve been in the business for years so we can simplify the process of becoming one of us! We understand that the FDD is an extensive document that can be overwhelming to go through, but we’re here to make your new career journey easy from start to finish.
To learn more about our franchise opportunity, don’t hesitate to contact us today and see how you can join our team!