Business Start: franchise agreement for a food outlet.

[Gal1]

Hi All
I am wondering if someone can help me out here.
Myself and my husband are planning on entering
into a franchise agreement for a food outlet. It will
be located in a shopping centre. In order to get the
bank loan we need a trading certificate from the CRO.
Does this entail setting up a business name or any other
advice appreciated.
Also if you were a franchise outlet would a sole trader
be the only or best option.
Finally what else would we need to set up the business
vat registration etc
Any advice much appreciated.
Thanks
Gal1

 

[doberden]

Re: Business Start

I think it would be worthwhile if you had some professional advice for starting up your business. I came accross a lady I was very impressed with that does business consultancy for startups. Her name is Irene Bergin, [email protected], ph: 01-8026480. I know this will cost money but it will probably save you a lot.

I have no business connection with Irene, I met her at a networking event and kept her card because I will use her myself at some stage in the future.

If you are not prepared to pay and can wait for a while then contact your local enterprise board and ask for a mentor with the specific experience you are looking for. I got one from Fingal County Enterprise Board and they were out within 2 weeks of asking. I get 8 hours of mentoring from a very experienced business person for free.

By the way, Dublin City Enterprise Board run a monthly event called Link which is full of start up companies and you would learn a lot by going to the event. The event last night had Brody Sweeney from O'Brien's talking at it which would have been great for your business. Check out www.dceb.ie.

 

[command]

Re: Business Start

you will have to register for tax, you will need to set up a business, if you and your husband are going into this together then a partnership might bnecessary otherwise it will a case of one of you setting it up as a sole trader.

The issue is if it is a sole trader then only on eof you wil sign the franchise agreements, lease in the shopping centre, bank loans etc. etc. Your other alternative is a limited company, you can spit the shareholding 50/50 with your husband.

Does the master franchisee not offer some sort of start up advice. Alternitvely I would approach an existing franchise holder and get their advice.

It is difficult to recomend a legal structure for you business without the facts.

 

[Alchemy]

Re: Business Start

Hi Gal1,

Go to [broken link removed], in the top half of the home page there is a link "Ask our Experts" Free, this is a free service Franchise-PitStop.ie provide to their readers, one to one professional franchise advice and it wont cost you a penny or cent. They also have information on franchise law, accounts, loans etc, plus the latest Irish franchising news and tons of franchise opportunities and business start up ideas for sale in Ireland.