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Considering going into business? Consider franchising

If you decide to go into business for yourself, one of the most popular options is franchising.

Franchising is a way to start an independent business and be your own boss while benefiting from the name recognition of an already-established brand. It helps reduce some of the risks and costs faced by new business owners.

However, franchising isn't always an easy process to understand or begin.

Fast food restaurants are some of the most common franchises around. East of Chicago and Papa Johns, two rival pizza companies, are often operated by individual franchise owners. The owners essentially lease everything from the larger corporation -- including things like the corporation's trademark, real estate owned by the corporation and advertising.

The franchise agreement can also determine exactly what business is done between the two parties and can control what the individual franchise owner can and cannot do under the corporation's name.

For example, some franchise owners -- like those that operate LuLaRoe businesses -- invest mostly in the product and trade name. Others, like the pizza franchises,play a role in everything from how employees are trained to prep food for cooking to the selection of sites for their stores.

During the time you're working to open your franchise, should you decide that's the right path for you, consider getting appropriate legal help at various points in the process. You may need a business attorney to help with certain parts of the transaction, while a real estate attorney may be more useful when it comes time to negotiate locations.

Franchising can be a wonderful way to become a successful entrepreneur -- as long as you pick a trade that you feel passionate about.

Source: FindLaw, "Buying a Franchise: Overview," accessed Nov. 30, 2017

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