Author: Goldstein Law Firm
Now that it has been a few years since colleges first started offering certificate and degree programs in franchising, we are seeing more graduates forego the job market and pursue franchise ownership. If you are a recent graduate—or if you are preparing to graduate after the upcoming spring semester—and are thinking about buying a franchise, there are some facts you need to know that you most likely didn’t learn in school.
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When evaluating a franchise opportunity, one of the most important questions you need to ask yourself is, “Do I realistically think I will be able to earn a living?” Operating a franchise entails paying numerous expenses—including not only ordinary business expenses like wages and inventory but also royalty fees, advertising fund contributions and other franchisor-imposed costs. If you need to take out a loan to launch your franchise, this will add to your monthly costs (and your financial risk) as well.
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If you are looking for information about buying a franchise online, you will find plenty of articles about the advantages of franchise ownership. But, you likely won’t find much about the disadvantages of buying a franchise. So, what are these disadvantages? Here is an overview of what prospective franchisees need to know.
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If you are thinking about buying a franchise and trying to manage your upfront costs, you may be on the fence about hiring a franchise lawyer. You don’t want to pay for any services you don’t truly need, and you aren’t sure if hiring a lawyer to review the Franchise Disclosure Document (FDD) and franchise agreement falls into this category.
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The Franchise Times recently released its Top 500 for 2022. While the top of the list is still dominated by some of the world’s most well-known franchised brands (i.e., McDonald’s, 7-Eleven and KFC), the list also provides some key insights into the COVID-19 pandemic’s effects on the franchise industry.
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When buying a franchise, making informed decisions is critical for maximizing your chances of success. This is a multi-step process that starts with hiring an experienced Chicago franchise litigation attorney to guide you through the process.
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While multi-unit opportunities have long been available in the franchise industry, they are becoming increasingly popular among first-time buyers. Buying multiple units increases upside potential, and many new franchisors promote multi-unit opportunities as a way to quickly increase their sales figures.
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Buying a franchise requires careful consideration of a multitude of business, financial and legal factors. Prospective buyers need to make informed decisions that take all of these considerations into account. On the business side, location is a top priority (even for mobile franchises), and this is especially true when buying a franchise in a major city like Chicago.
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As a prospective franchisee, you need to know that you are making sound decisions based on all pertinent information. You need to feel confident in your buying decision, and you need to go into your franchise opportunity with your eyes wide open.
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If you are interested in buying a franchise and the franchisor considers you to be a qualified candidate, it will provide you with two key documents—the Franchise Disclosure Document (FDD) and the franchise agreement. Both of these documents are extremely important, and, as a prospective franchisee, it is imperative that you carefully review both documents with the help of an attorney.
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