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Factors to Consider When Purchasing a Franchise in Florida
Many people who decide to start their own business consider purchasing a franchise instead of just striking out entirely solo. Franchises offer the benefits of owning your own business, but with the resources and the support of a large organization behind you. If you are considering purchasing a franchise, the following are some factors that you should consider.
Franchise Financial Stability
One of the most critical factors that should be evaluated in a franchise purchase is the financial health of the company you are considering working with. The financial stability of the company will play a big role in just how successful your actual business will be. Make sure you have all the facts when it comes to the organization’s profitability, debt, cash flow, and other areas of finances. Does the company have the financial resources to handle both the issues that may come up, as well as the resources to handle future growth?
Brand Recognition
Another factor that you should consider is how recognized is the organization’s brand. Is that recognition national or is it just in your region? That recognition indicates what share of the marketplace the organization has and that will have an impact on your business.
Location
An off-shoot of brand recognition is location. And not just the actual location of the building you run your business out of but the regional location. For example, you may be considering a franchise that is popular and successful in the Pacific Northwest. But your business will be in Florida where no one has really heard of this organization. How will this affect the potential success – or failure – of your company?
Franchise Support
The level of franchisor support is also a variable. Some organizations provide exceptional support, training, materials, and other resources that benefit the franchisee. Other franchisors are MIA, leaving the franchisee feeling they are adrift at sea on their own. Resources and support should be ongoing, not just when you first open the doors to your new business.
Contact a Broward County Business Law Attorney
If you are considering purchasing a franchise, it is important that you have a skilled Fort Lauderdale, FL business lawyer protecting your best interests. At Elliot Legal Group, our attorneys have extensive experience working with clients who are considering entering into franchise agreements. Call our office today at 754-332-2101 to schedule a confidential consultation and ensure your business gets off to a positive start.
Source:
https://www.businessnewsdaily.com/15778-business-franchising-guide.html
