By: Ellen Sullivan
Published in Advantage Business Magazine
Thinking about starting a new business? Want to be an entrepreneur? Not sure you want to start from the bottom? Purchasing a franchise may be an option for you. But, you will want to address several key areas as you embark upon your journey of discovery.
What is a franchise? It is an agreement between you (the franchisee) and a business (the franchisor) to use its brand, operating processes, and marketing strategies to help you expedite your investment returns. You are purchasing a system, and a name, and you will be required to follow the rules of the franchisor. In return, you should go to market more quickly—with the support of the franchisor—equipped with tried and true strategies. At the end of the day, your profitability should be expedited by capitalizing on the value that the franchisor brings to the table. That’s how it’s supposed to go.
With so many choices in franchising available, how do you know where to start?
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