PFB Law, Professional Association - St. Paul Business Law And Estate Planning Lawyer" class="brand-image"/>
St. Paul: 651-968-1022
Toll Free: 866-561-3419
Practice Areas

What are some things to know about franchises?

You've always wanted to open a business, and you've decided to do so by purchasing a franchise. With a franchise, there are many opportunities. The brand is already well-known, and that means that customers should come flocking to your store.

Before you decide to purchase a franchise, take the time to learn more about what a franchise is and how you need to handle the business. Once you're educated, you can decide which franchise is right for you.

1. Know the franchise

You need to look into various franchises before you decide which one is right for you. Know how much you need to spend to open a franchise of various types, so you can see where your money is best spent. Think about how much you have to spend on advertising and if advertising is required in your contract.

2. Get a full fee list

The franchise cost isn't all you have to pay. You may have fees, marketing costs and equipment costs. Focus on the costs associated with hiring employees and bringing in the products you need as well.

3. Remember that franchises can, and do, fail

A popular brand helps your franchise do well, but it's not a guarantee. Good placement, a well-designed building and other factors play a role in how well the franchise does. Remember this and be prepared to work hard, spending time on marketing and encouraging customers to return.

These are a few things to remember if you plan to purchase a franchise. The right knowledge can go the distance in helping you sign the right contract.

Source: Forbes, "12 Things To Do Before You Buy A Franchise," Susan Adams, accessed June 30, 2017

No Comments

Leave a comment
Comment Information