Q. Why should I buy a franchise versus going in business on my own?
A. It takes approximately 17 skills to effectively compete in today’s spirited business climate. Most individuals have strong familiarity with approximately 4 to 7 of these critical skills because of their prior employment background. This limitation is one of the main reasons that independent businesses experience a failure rate of over 70% within the first 5 years in business whereas a franchised business has less than a 5% failure rate according to the US Department of Commerce. A franchisor provides support in the critical areas to supplement the efforts and skills of the franchisee. A franchisee has a consistent source of information, support and years of experience whereas the individual business person must rely on his/her own resources.
Q. Will I have a protected territory?
A. Yes. The Missing Piece® is one of the few franchise organizations that provides their franchisees with an exclusive protected territory. We believe that this causes the franchisees to work together to increase brand awareness and market penetration unlike most franchise systems that have an adversarial relationship that prevails between the franchisees because each feels that the other may be encroaching on their customer base.
Q. Will The Missing Piece® award more than one territory to a franchisee?
A. Yes. In fact, we will give favorable consideration to any enterprising franchisee that is in compliance with their existing franchise agreement that wishes to further his/her entrepreneurial goals by purchasing additional franchises.
Q. Do I need prior experience in this field to be accepted?
A. No. Our training, guidance and support programs are focused on individuals with no prior experience. What you do need is the drive to be successful and other characteristics that we can discuss when we have the opportunity to talk.
Q. Can I have a partner?
A. Yes. A partner can be a significant asset to you if he or she has the right background and experience and is willing to be an active participant in your business. Be sure to understand each others goals and out line the responsibilities carefully.
Q. Do I need to have a large inventory?
A. No. Our franchise business model is unique. Our system is designed so the franchisee can operate this business with a minimum amount of inventory. Most of your inventory will consist of furniture items that clients have placed with you on consignment. No need for large product inventory like many other businesses.
Q. How much money can I make?
A. TheThe Missing Piece® is one of the few franchisors that provide you with historical financial data of an operating location to assist you in building your own financial spread sheet to address this question. Most franchisors today choose not provide this information but the Federal Trade Commission is encouraging franchisors to do so under the proper guidelines. This is an important part of our formal discovery process.
Q. How much money is required to open a The Missing Piece® Franchise?
A. There are many variables that will impact this amount. Typically, as outlined in our Uniform Franchise Offering Circular, the total costs of entry including the $40,000 franchise fee, inventory, working capital, training, leasehold improvements and other items run between $161,631 to $283,700.
Q. What is the term of the franchise agreement?
A. The initial term of the franchise agreement is 10 years with renewal options.
Q. Can I sell my franchise?
A. Yes. You may sell your franchise at any time to whomever you choose within the terms of the franchise agreement.
Q. Can I obtain financing to become a franchisee with The Missing Piece® ?
A. We do everything possible to assist qualified applicants in obtaining financing. There are a variety of approved lenders we can introduce to you. You may also wish to use lenders with whom you have had previous banking relations.
Q. How soon can I begin business?
A. A normal time frame is approximately 90 to 120 days to open after the franchise agreement and a lease has been signed. This may vary based on local conditions. The Missing Piece® is actively seeking individuals who possess the desire, determination and enthusiasm to follow a proven business system. If you feel that you are able to commit the personal and financial resources that this opportunity requires, we would enjoy the opportunity to talk with you further. After we have had an opportunity to review this information, we will contact you and address your questions and provide you with additional information to assist you in your decision making process. You may also contact Rick Dixon at 813-960-1999 or r.dixon@tmpstores.com for additional information.