Just like with any other business, franchises offer advantages and disadvantages, for example:
- Payment of upfront franchise fee simply for the opportunity to "own" the franchise
- Franchises require the owner to be actively involved in the business in order for the franchise to be granted
- Franchises are available in almost any sort of business field. The best way to research regarding a franchise opportunity, is to go to the relevant company's website and search for a franchise or "investor" link.
- Ability to profit from established business name and reputation
Alternatively, if you are uncertain about what sort of business you'd like to be involved with, or what is available, you may be interested in attending a franchise convention. Franchise conventions present the opportunity to meet face to face with company representatives and learn more about the potential business opportunity.
Once you've found the business you'd like to pursue, you will be presented with a franchise agreement, this is a legally binding contract, which sets forth the rights and responsibilities of the parties (franchisor and franchisee). These agreements are heavily regulated under relevant laws, and often require extensive supportive information. The types of documentation include financial statements of the franchise and other important information.
If you are considering buying a franchise, it is strongly recommended that you have an attorney representing your interests, reviewing all of the documents, and advising you about the unique legal rights and obligations specific to your franchise.
Click for more information regarding Franchises.
Keep in mind that while the parent company may be interested in entering into a business arrangement, the basis of the agreement is motivated by profit. Be sure that you have an experienced Franchise Law Attorney on your side. It's a business investment you won't regret!
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