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Some people in Miami might associate a franchise with restaurants or convenience stores, but more than 100 industries offer franchises. In its simplest form, a franchise involves one company licensing how it does business, its intellectual property and its name to...
You want to open a franchise business, but the fees charged by the franchisor seem to be exorbitantly high. Is there anything you can do to get them lower? Maybe. Here’s what you need to know: The franchisor doesn’t want to negotiate with you. If the franchisor gives...
Those who buy a franchise will read through and sign several important documents and agreements before the sale or purchase. One of the most important is an asset purchase agreement (APA). The APA should be done at the same time as due diligence regarding finances,...
Franchises are a tried and tested way to start a profitable business. When starting a business from scratch, you'll need to conduct thorough market research, create a brand strategy, set up sourcing and essentially adopt a trial and error approach to many aspects of...
Becoming a franchisee means you have extra start-up costs when you begin your business. You have to pay for the right to use the name and branding that the parent company has set up. In many cases, they also sell you their products for you to then sell to consumers....
You have three restaurants open in your city, and you’d like to build more. At the same time, you don’t have the time to run them all, and you want to start to be able to bring in an income without the many requirements that come with owning yet another restaurant...
There are many risks involved in starting a new business. Companies require substantial investment and planning, and trying to build a reputation from the ground up is a real challenge. Many new businesses fail early on, leaving their owners dealing with financial...
One of the best things about opening a franchise is that you know the business model works. You don’t have to worry about an expensive trial-and-error process once you get started. You also get the advantage of relying on a name and reputation that’s already...
Opening a franchise of an existing business is a quick way to get your own company up and running. One of the big advantages is that, once you pay your fees, you get to use the established brand’s name and products. You also get the benefit of their (presumably)...
If you are a Miami-area franchisee, you probably bought into your franchise because you liked their products, you appreciated the name-brand recognition and existing customer base and you looked forward to the support you’d get from the franchisor. But sometimes the...
