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September 22, 2006, Newsletter Issue #33: Franchising an Existing Business
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Tip of the Week
If you already have a successful independent business, you might want to consider starting your own franchise as a means of expansion. Know, however, that there are both pros and cons to expanding via franchises. Be sure to research the franchise laws. In terms of legal liabilities, you take on some additional risks while getting rid of others. Individual franchise owners assume the risk of employee issues, leases, and other risks (which will be spelled out in your franchise agreement).
Franchising your business will allow you to grow without having to make the capital investments yourself. Franchise owners are often more motivated than managers you might hire for new locations (since they're investing their own time and money in the venture).
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