Franchise opportunities are attractive to aspiring business owners for a number of reasons. Owning a business may be fulfilling a lifelong dream, and available franchises come in all shapes, sizes and industries. Many franchises are also attainable for those with less...
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Understand the legal elements of a franchise agreement
“Trust but verify.” That phrase is most associated with the Cold War era, but it also makes practical sense in the modern world for a variety of reasons, including if you are considering buying a franchise. Prospective franchisees need to be able to count on the...
10 qualities shared by successful franchisees
If you have painstakingly saved money or raised capital to pursue the dream of operating your own business, buying a franchise is an attractive prospect. Becoming a franchisee gives you access to brands and products with a proven track record. However, your business’s...
How the PRO Act could impact franchisee classification
Earlier this year, members of Congress introduced new legislation that could dramatically impact franchises and their ability to manage and maintain their personnel. The “Protecting the Right to Organize” Act or PRO Act addresses the issue of unionizing, but also...
How will the Trademark Modernization Act of 2020 impact franchisees?
The last year has brought significant change for everyone. For both individuals and businesses, everyone has seen significant differences in their day-to-day lives. For franchises and other businesses, the last year has been about adapting the business to continue to...
A franchise lawyer is different than a business attorney in important ways
While all franchises are businesses, hiring a general business lawyer to handle franchisee issues can be a costly mistake. A knowledgeable franchise lawyer will have extensive experience with state and federal franchise laws, understands a franchise disclosure...
Common franchise red flags
While a franchisor has certain disclosure obligations that are required by federal and state laws, they are also interested in selling their franchise. In some cases, a franchisor may paint an unrealistic picture of what owning a franchise in their system is like....
Why an economic downturn may be a good time to become a franchisee
Even though recessions cause economic hardship in general, franchises are relatively resilient to the effects. According to Entrepreneur.com, economic downturns can even benefit franchisees. If you’re considering becoming a franchisee, here’s why 2020 might be an...
Territory pre-planning is a must
It is crucial for franchisees to understand the importance of territory pre-planning when working with franchisors before they head into a new market. It is an easy-to-avoid mistake for a franchisor to divide up a city by districts or even blocks with little regard...
Issues to consider when choosing a franchise
Buying a franchise involves certain risks. It is not as chancy as a start-up because hopefully there is name and brand recognition as well as business guidance and an established product or service. But there are still specific business issues to consider before...