July 20, 2015
Dear Cathy:
I am trying to find out more about business ownership. Is opening
a franchise a good idea? New Future
Franchisee, Indianapolis
Dear New Future Franchisee:
For those of you who don’t want to start a business from scratch,
opening a franchise might be what you are looking for. The franchise governs the method of
conducting business between two parties. Generally, a franchisee sells goods or
services supplied by the franchiser or that meet the franchiser’s quality
standards. That master franchisee is
usually responsible for recruiting the individual franchisees and providing all
training and support they need, both initially and on an ongoing basis.
It’s important to remember if you open a franchise to make sure
you have a Limited Liability Company (LLC) or get Incorporated in case the
business fails and the franchiser tries to sue you. If you have a credit score over 700,
collateral and meet other requirements required by the Small Business
Administration or Banks, then a franchise just might be what you are looking
for. Again, conduct extensive research
before you sign any paperwork.
You can read more about how to start a business at “How To Take Control of Your Own Life: A Self-Help Guide To Starting Your Own Business” --
available as e-book and paperback.
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