TO FRANCHISE OR NOT TO FRANCHISE
What is a Franchise? When most of us think of the term “franchise,” we likely picture the golden arches of our local McDonalds; however, you might be surprised to learn that many businesses are actually franchises and, because of that, there are numerous opportunities for entrepreneurs. By definition, a franchise is a corporate entity (the “franchisor”) that sells the right to use its name, existing business model, trademark, and other identifying aspects of the franchise to another (the “franchisee”) for a certain period of time.
Can I Own a Franchise?
Fortunately for most, there are generally not a lot, if any, experience requirements for new franchisees. That’s why many individuals own and operate a successful franchise completely outside of their past work experience or educational credentials. Further, acquiring a franchise may be a good opportunity for those who do not have significant capital to put towards a business at its outset. For example, there are some franchise opportunities with an initial franchise fee of as little as $10,000. These aspects, among many others, make owning a franchise an appealing alternative to starting a business from the ground-up as well as a good transition into the business space.
Is Charlotte a Good Location to Open a Franchise?
It is well known that Charlotte has been, and continues to be, one of the fastest-growing metropolitan cities in the United States, making it a hub for entrepreneurs seeking to own and operate a successful enterprise. Another reason that Charlotte is a good location to open a franchise is due to the financial industry’s significant presence in the city. A franchisee should find the many different financial institution options attractive if they need financial assistance in order to purchase their franchise. Franchisees may also benefit from Charlotte’s relatively low costs, diverse industry presence, and international airport. In conclusion, owning a franchise can be a great investment for a new business owner for many reasons and Charlotte is a great location to start out.
We love franchises at Dye Culik PC and work with both franchisees and franchisors. Franchising is a big investment on either side and we can help you protect yourself and that investment. If you are considering diving into the franchise world or already own a franchise and need some legal advice, contact us or give us a call at 980-999-3557.