Business Incorporation

Buying a franchise offers a powerful alternative to full time employment and can give you a great feeling of achievement, too.  Many people who lose their jobs, especially in a recession, will consider buying into franchising.  This will probably be leap of faith you’ll make in your career - from employee to self employed.Whatever your situation, the big question is how to invest in a franchise?

Begin searching by visiting a franchise expo.  There’s a wide range of franchising options, from self-employed roles which is like investing in full time work for yourself on a steady income, right through to owning multiple franchise outlets and creating a real group of businesses that run successfully without you.

They say that past performance is the best indicator of future results, so check how other franchisees are getting on before you think about signing up for yourself.  You want to make sure that your franchise investment is made wisely and doesn’t depend upon you being a superstar amongst all other franchisees just to succeed.  That’s why you’ll want to speak with a representative sample of other franchisees to see what the average performance is like.

A useful yardstick when choosing a franchise is to pick something you’ll really enjoy.  Just because it’s your own business, it doesn’t mean that money alone will be a great motivator for you.  The best businesses create raving fans, clients that buy again and again from you, so ask yourself if you can easily create a raving fan for a business that doesn’t excite or interest you, except for the money, before you buy it.

Get in touch with lots of franchises to keep your options wide open and your negotiation position strong, especially at the start of your search for a business.  Don’t leap straight into the arms of the first one you meet, check them all out.  It’s the quality of relationships that will largely determine your success - the relationship you have with your franchisor is very important - so make sure it’s somebody you respect and can enjoy working with.

Here’s a checklist for you of things to consider when you’re buying a franchise.

1. Remember that the franchise cost is generally a lot higher than the amount you pay up front.  Try to find a franchise that ties the success of the franchisor to the success of the franchisee so that you will get quality support to succeed.

2. Running your own business can be an expensive game; ensure that any figures the franchisor shows you give realistic costs and customer sales values.  For example, one franchisee with a turnover of ,000 per month was barely breaking even because of a high fixed monthly franchise fee, ineffective but expensive marketing and staff salaries.  The same franchisor was happy to quote ,000 turnover as being typical, but was a lot less happy when the costs were revealed.

3. Educate yourself about franchises before you buy - you’ll be in a fairly tight contractual agreement once you’ve signed and it pays to know what you’re doing - the price of ignorance in business is huge.

4. Franchise agreements are almost always written with impenetrable legalese that you’ve got no chance of understanding unless you’re a lawyer - you might want to reflect on why they do that, too!  The franchise wants you to sign up to their conditions because it stacks the odds in their favour in any dispute and transfers as much risk in the business to you, rather than the franchisor.  Don’t sign up for more than you’re comfortable to agree with - this is a lot of money and a long term contract.  The final word is that you appreciate the facts behind your franchise agreement before you sign it.

5. Don’t skimp on your research.  Be prepared to spend some real time working out your own strengths and discovering which franchises will suit you.

One final thought for you.  Beware the small proportion of franchisors who are just out to squeeze you for all they can and don’t care about your success.  The Pareto Principle is a fair way to think about most things in life - there’ll be about 20% of the franchises that you should steer well clear of.  A reasonable rule of thumb is that any organisation that has very slick sales technique and that’s making you jump through a few hoops during conversations with them are using advanced sales techniques.  These may be a good sign of great training and systems, or they might be indicators that the franchisor is slightly too sharp and that’s a warning sign to walk away, unless you’re really comfortable with the thought of building a relationship with them.

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FRANCHISE ATTORNEY

To have success in business, the term Franchise will play prominent role. The forming of Franchise is linked with the participation of Franchisor and Franchisee. While the franchisor develops a system for reproduction of business by way of trademark or methods, the franchisees uses the trademark and do the business entering with Franchise Agreement.  The system of franchisee grown in all areas of production and service sectors including legal field. The organisations invest much amount of time and money and hence advisable to hire suitable Franchise Lawyers.

The Franchise Attorney or Franchise Lawyer able to understand the domestic and international laws thereby provide suitable Franchise Agreement between Franchisor and Franchisee. The Franchise Lawyers have specific and skilled qualifications as such lawyers meant for the Franchise Area of practice whereas the General Attorney many not have sufficient exposure in connection with franchise laws. The documens such as Uniform Franchise Offering Circular, Franchise Disclosure and related can be prepared by the Franchise Attorneys.

The Franchise Lawyers provide the assitance to the franchisee and explain the rights and obligatoins of both parties involved with the Franchise Agreement. As usual, the Franchise Agreement is prepared by the Franchisor’s Attorney and hence most of the conditions and rules favor to the franchisor only. There may chance appear of troublesome terms in the Franchise Agreement. At that time, the Franchise Lawyer provide assistance by explaining such terms to the franchisee so that effective change of terms can be possible.

The General Attoneys will have limited knowledge with Franchise Laws whereas Attorney in Franchise will have unlimited knowledge with Franchise laws and General laws too. Franchise matters and other matters like business entity lease etc can also be addressed by Franchise Lawyers. Hence Franchise Lawyer is more preferable to hire than General Attorney.

Before hiring Franchise Lawyer, it is better to consult with American Bar Association for which it will refer the qualified professional that are linked with Franchise Laws. In order to select the best Franhise Lawyer, atleast two referrals from the Bar Association needed to compare the experience and fee structure. Only Alberta and Ontario provinces administering the Franchise laws that are available in Canada. At present Alberta Franchises Act existing.

-A.R.

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There are more than fifty different types of franchises for sale; from automobiles, computers and fitness franchises to medical, real estate and food franchises. In general, you may choose a product or a business service franchise opportunity. As the owner and operator of a new franchise, you will be eating, sleeping and breathing your franchise business for years to come, so finding the right fit for your personality and goals is critical.

One way to find a franchise for sale is to check out a franchise exposition. For international franchises, you will want to head to Washington DC (March 20-22) for the 2009 International Franchise Expo. The same group also holds similar events for national franchising opportunities with the West Coast Franchise Expo (October 2-4, 2009) in Los Angeles, the Franchise Expo South (January 9-11, 2009) in Miami and Franchise & Financing Expos in Atlanta, Boston, Atlanta and North Texas. Before you attend one of these expositions, decide how much you have to invest, which type of business is right for you and consider your own personal background or skills.

Franchise brokers are another way to discover franchises for sale. In fact, they account for 10% of all franchise sales today. These people consider themselves advisors and business coaches and they’ll offer an impartial eye on your situation. These sales consultants will look at your experience, background, finances and goals to make a personalized recommendation if you’re feeling uncertain. The broker may also help you complete the franchise agreement paperwork. These services are free unless the broker gets the sale, so you know they’ll be working extra hard at matchmaking. When you visit a broker, be aware that they are only representing franchisors who pay them a commission. With so many other resources available, you may be skeptical about why a franchisor may choose to go the broker route at all if their business is so lucrative.

There is a wealth of information regarding franchises for sale. Whether it’s newspapers, trade magazines, business professionals, expositions or websites, you can find business guides to illuminate the best options for you. You may want to pay a small fee at www.fransurvey.com to hear directly from franchise owners about which opportunities or franchise systems are best.

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Sports franchises allow you to build your own business that capitalizes on your affinity for sports, apparel, fitness and sports-related retail products. Fitness franchises have gained in popularity in recent years due to the societal shift towards better health. Sports-themed restaurant franchises, sports photography franchises and sports gift franchises are three of the newer but successful market niches you may try.

Sports franchises come with many exciting bonuses. First of all, the customer base for this type of franchise is usually established and fiercely loyal. The brand name is already associated with quality and performance so you need to do very little work, and a sports franchise requires very little startup cash and investment. Additionally, the franchising business in general is low-risk with only 5% resulting in failure (compared to more than 50% for small businesses). Each franchise can be examined to see which suits you best.

When most people think of a sports business franchise, they think of basketball, baseball, football and hockey logo jerseys, jackets and hats. However, there are also sports-themed franchise businesses to consider. For instance, Snap Fitness is one of the top-producing fitness franchises because their gyms are open 24/7, their employees are knowledgeable and they use the best security surveillance systems to ensure safety. Sports retail franchise, Nevada Bob’s Golf, offers specialty golf products. Future Stars Sports Photography is a training center for sports photography offering great products and customer service.

Sports franchises are attractive because they cost very little to get started and can easily become a moneymaking engine. The sports franchise opportunity is an easy way to get started in business because you’ll have a successful company behind you, offering marketing and management advice. Your franchise agreement may allow you to sell a business after the initial 20-year time period if you so desire, but you may find the business to be so lucrative and enjoyable that you’ll sign up for another 20 years!

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A franchise allows you the ability to operate a proven business without taking all the normal risks typically associated with starting a new venture. As a franchisee, you’ll pay a fee in exchange for training, an operation manual and a marketing plan. The franchisor may also provide you with a location and supply discounts. The franchise opportunity is a valuable one because you can align yourself with a successful brand. Of course there are many things to consider before getting started.

Before buying, you must consider the various costs and financial implications of running your franchise business. You’ll have to pay an upfront franchise fee, which can be anything from several thousand dollars to a couple of million dollars. You’re essentially buying the name brand, the proven business model and assistance from the franchisor with this money, which is often non-refundable. Additionally, you’ll need to cover rent for your location and in some cases you may need to build a new location. You’ll have to buy inventory, supplies, fixtures, operating licenses and insurance.

When you own a franchise, you’ll agree to follow certain rules. For instance, you’ll need to pay continued royalties to the head company in exchange for the use of their business model and support services. You’ll also need to pay routine advertising costs for national campaigns. The franchisor may also dictate your hours of operation, employee uniforms, sign design, accounting procedures, discounts, suppliers and what goods or services you offer. You must always be careful to follow the rules of your new franchise, as described in the franchise agreement, because you can lose the right to your franchise if you breach the contract. Usually, the franchise agreement runs for 20 years. After that period, the franchisor may allow you to renew the agreement or he/she may raise royalty payments, decide upon new design standards or change your territory.

Before you decide upon a franchise system you’ll need to look at how much you have to invest, how much you can afford to lose, what your credit score is, what savings you’ll live off and where you’ll get financing. You’ll also need to consider whether to get additional technical experience, education or training to run your business most effectively. If you have experience as a business owner or manager, then you might want to choose that same industry. There are franchises available in the restaurant, auto, sports, business services, computer, video and retail industries, just to name a few.

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