What are some mistakes I should avoid when starting a franchise?
Franchise businesses offer entrepreneurs the opportunity to open their own business using a proven business concept and model. While purchasing into an existing franchise or even starting your own franchise can lead to much business success, there are important factors you should consider. All small businesses come with some risk, but these risks can be mitigated with the assistance of a Nevada business planning attorney.
Tips for Starting a Successful Franchise
Start on the path to franchise success by following the tips below:
- Select your franchise wisely: Do your research before choosing a franchise. While trendy business concepts might seem like an easy choice, in the long term trends may not last and businesses could suffer. Look past enticing websites and brochures to the Franchise Disclosure Document. Meet with franchise leaders face to face and review the franchise agreement.
- Tally startup costs carefully: You will need adequate financing to ensure your business gets off to a strong start. With the help of your business attorney, you should create a comprehensive business plan that anticipates all startup costs. With an accurate figure in mind, you can raise the funds you need so that you do not feel the squeeze.
- Seek advice from franchisees: Experienced fellow franchisees will be some of your best resources. No matter your business background, it is important to seek advice and input from those who have been in your shoes not so long ago.
- Turn to your business law attorney: Before the doors open to your franchise, you will need to sign vital franchise agreements, negotiate and sign a lease, fund your business, form a corporate entity, and much more. Your business planning attorney will walk you through each of these steps, guiding you towards opening day with a firm starting foundation.
If you live in Nevada and are considering opening a franchise business or franchising your existing concept, contact our business planning attorneys at the Stone Law Offices Ltd. Our firm has assisted individuals in starting new businesses since 1993. Allow our firm to provide you with the guidance you need to achieve your dreams.