A franchise is a particular type of business that permits you to use the name and brand of an existing business in order to create a similar business that you run.
However you will be required to give a percentage of the profits you make to the parent company, and also to run the business under their guidance and within a firm set of rules.
This alone puts some people off, but if you like the rigid feel of a franchise then it could be the best kind of business to opt for. But before you can throw open the doors for your first day, you have to choose the business you want to work in.
This is the moment where it becomes obvious that specialist franchising legal advice is absolutely essential. Even if you know which area of business you want to go into, you will undoubtedly find that there are several options to consider in that field. For example let’s suppose you want to have a food and drinks business of some kind. In this case you may have narrowed down your selection to three potential franchises. Specialist franchising lawyers will be able to look over each possibility with you and advise you on the pros and cons of each one. Instead of simply signing the contract of the opportunity you like the most, you will be able to see whether there are any legal problems that exist first -for example other problems in the contract with the term of the agreement or with the level of payments expected under the franchise contract.
Even after you have chosen your ideal franchise, there are still other areas where good franchising legal advice can come in extremely handy. For example you will normally need to lease premises to run your business from. Franchising lawyers, or the conveyancing colleagues, can help you here too. Every franchise is different and even if you have run one before you should still seek franchising legal advice before getting into another one. It is by far the safest path to choose, and it can save you a lot of time and effort.
There are other aspects you may need to consult your lawyers on as well. For example you may well need to take on employees to help you run your business. There are various aspects of employment law to bear in mind in this case, and your franchising lawyers will be able to steer you through every situation.
In short, you have to ask yourself whether you can really do without getting the right franchising legal advice.