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Franchising

Buying A Franchise is a Lower-Risk Way to Own Your Own Business

On the one hand, its attractive to run a business with an already recognizable brand. Consumers are familiar with it, know what to expect, and your profits are likely easy to forecast in advance. The franchisor (the brand owners) will also likely teach you and your employees all you need to know to start serving customers and generate revenue.

The down side is that franchise agreements are generally strict documents that give the franchisor strong control over your business. You may be forced into promotional deals that reduce your profit margins. You may not have control over the pricing of your goods/services. You may be forced to make modernization improvements to your business space every so often.

You need to make sure you understand everything in that agreement, and just how much control you have over the business. Some of the larger franchisors may not be open to negotiating the vast majority of their terms, while smaller brands may be open to wide negotiations. The area your business will be located in may not be profitable enough to sustain the terms the franchisor wants to implement, and many well-known chains have over-extended and subsequently shut down many locations. The terms of this agreement will be a large contributor to your business success.

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