While every franchise is different, most with successful operations will go through a familiar lifecycle. Having someone help you understand and navigate the lifecycle you’re currently in can help you identify the best next steps for creating a successful business. Consulting with a franchise attorney is important throughout your franchisee journey.
Early Years
One of the benefits of working with a franchise is the proven process and minimal stumbling blocks along the journey to creating a successful business. While this doesn’t mean all franchisees are successful, it also involves stepping into a tried and tested model. Franchisees will still need to understand how to run a business and set the stage for future growth. Consulting with a franchise attorney can help franchisees understand what is and isn’t provided when getting started, including training and support.
Adolescence
When a franchise has a solid strategy and has set attainable goals, this is the stage where the most growth occurs. At this point, a franchise will have a solid customer base and be able to start paying off debts and make a profit. Depending on the organization’s goals, this may be the stage where expansion or adding team members occurs.
Maturity
This is the stage every franchisee is working to reach. In the maturity stage, a franchise location is profiting and growing pains have been addressed. Complacency is the most important consideration during this stage and adaptation is essential for maintaining your customer base. Listen to customer needs and keep an eye on shifts in the market.
Decline
For any number of reasons, from economic fluctuation to new competition, there is always a possibility of decline. As stated in the maturity stage, listening to your customers and staying current with local and global news is essential for preparing for possible setbacks. Be sure to utilize any training or support offered by your franchisor to mitigate these problems.
Whichever stage in your franchise journey you’re currently in, there will inevitably be legal issues that arise. Understanding how a franchise lawyer can help protect you both personally and professionally. Warren S. Dank, Esq., P.C. can provide you with the franchise legal services you need to support your business and make effective decisions. Contact us for a free consultation.