Many people in Georgia dream of owning or running their own business. One way to accomplish that is by purchasing the rights to purchase a franchise of an existing company. However, this is not an endeavor that should be taken lightly, as it can carry a lot of the same risks as the creation of a brand-new business. For those who may not have extensive knowledge of this portion of business and commercial law, here is a basic guideline of considerations for buying a franchise.
How a franchise works
A franchise allows a business owner to make use of a company trademark for a commercial business. A common example of this is a restaurant chain, where one group or person may own just one location or several nearby locations of a business. A franchise may simply use the name and products of the main business, or there may be a stronger link, where the franchise also has to adhere to certain business principles including training, marketing or even financing.
Those who think they want to run a franchise will have several points to consider. First and foremost, they should be comfortable dealing with potential customers, as many franchises operate in service to the public, such as a store or fast-food restaurant. They also need to think about whether they are willing to work within the guidelines of the franchisor, or even whether they want the ability to set their own guiding principles. To a certain degree, they will have to answer to the franchisor.
Is a franchise the right choice?
For those who are still uncertain or who want more guidance on the legal specifics of owning a franchise, an attorney may be able to help. A lawyer who is well-versed in business and commercial law can help a potential owner understand exactly what is involved. It may be the first step to making an entrepreneur’s dreams come true.