Want to expand your company’s operations, but are worried that lack of capital or resources will prevent you from overseeing a profitable expansion?
Franchising (allowing other individuals to distribute products or services under your brand’s trademark and business system) is an excellent alternative for entrepreneurs ready to expand their businesses. Check out some of the benefits associated with franchising your business and how a franchise lawyer can help.
Less Need for Capital
A lack of capital is a common barrier for many entrepreneurs, but a franchise system allows you to grow and expand your business with less money. Your franchisee (the individual that pays to operate under your franchise name) provides much of the capital necessary to open and run an additional business unit.
Your company can grow using another person’s financial resources. This allows you to keep your debt levels low and hold onto your assets.
Faster, Larger Profits
Slow profits and revenues are frequent issues for optimistic business owners. With a franchise, your organization can typically experience more rapid profits thanks to the franchise model.
Since your franchisee takes on a lot of the expenses of operating additional business units, this allows you to keep your own expenses leaner. Leaner expenses result in increased profits.
Your Managers Are More Motivated
Finding motivated managers and leaders is a huge issue these days, as people are seemingly just waiting for a better opportunity. You invest a lot of time and resources training a new manager, only to have them leave after a few months.
However, when a leader owns a business, they’re much more invested in its success. When they have their own assets tied up in a franchise, they want to do everything they can to ensure its success.
How to Work with a Franchise Attorney
Have a franchise idea in mind and need guidance from an experienced franchise attorney? Warren S. Dank, ESQ., P.C. is here for all your legal needs. Contact us today online or call 516-364-2469 to schedule a free consultation.