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Stamford, CT business law attorney franchise

If you are ready to become a business owner, one option you may be considering is buying a franchise. Purchasing a franchise location of an existing company is a great way to start your journey into business ownership. Buying a franchise allows you to operate your business while still receiving guidance and leadership from the franchisor. However, a franchise is not the right choice for everyone. If you are thinking about buying a franchise, make sure to speak with an experienced business lawyer so you can avoid costly legal mistakes. Additionally, consider the following factors.

Your Business Goals and Personal Aspirations

Being the owner of a franchise is much different than starting your own business. The benefits of a franchise are plenty. The business will likely be profitable more quickly than a startup, you gain valuable resources and assistance from the parent company, and you benefit from the company’s established reputation. However, buying a franchise also limits the direct input you have on how the business is run. You will be expected to conform to the franchisor’s policies, rules, and procedures. If you are a person who thrives on creativity and independence, buying a franchise may not be the best option for you. However, if you are looking to buy a business that is ready to start operations immediately, a franchise may be the right choice. You will need to evaluate your own goals and aspirations to know whether buying this type of business is the best way to achieve these goals.   

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Darien commercial and business law attorney

Business ownership comes with many privileges. As a business owner, you become your “own boss” and get to decide how your business is run. Deciding to buy a business, however, is not a decision to take lightly. New business owners who are unprepared or who do not have dependable legal guidance can fall into major financial and legal pitfalls. If you are considering purchasing a company, you may be wondering whether you should buy a franchise location of an existing business or a standalone business. The answer to this complicated question will depend upon several factors. That is why it is crucial to hire a knowledgeable business attorney to guide you through this important endeavor.

Consider the Differences Between Standalone Businesses and Franchises

The biggest difference between a franchise and independent business is the amount of control and authority the owner has over his or her business. If you buy a franchise, you will likely have a great deal of control over day-to-day aspects of your business, but you may have little input on “big picture” concerns. The franchisor will likely decide the types of products and services the business offers, the business hours of operation, pricing, marketing strategies, and more.

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Long Island Sound business franchise attorney

Becoming a business owner can be one of the most meaningful career moves of your life. Owning your own business allows you to control how your business is run, decide how your employees are managed, and steer the business in the direction that you want. When buying a business, potential owners have two options: purchase a standalone business or a franchise location. There are both positives and negatives associated with purchasing a franchise business. It is important for anyone considering such a big purchase to research what owning a franchise business entails.

Franchised Businesses Have an Established Business Model

When a business becomes very successful, the owner may choose to franchise the company. This allows other private owners to purchase the rights to operate a franchise location of the larger parent company. Many first-time business owners find the option of buying an existing franchise location especially attractive. Unlike buying or starting an independent business, you will not need to create a business model from scratch when purchasing a franchise. An effective, reproducible business model already exists. In many franchise purchases, formal training from the parent company and ongoing support are also available. Of course, if you are someone who desires a great deal of freedom in how your business is run, you may not wish to be confined by a parent company.

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