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Category: Legal Guide

Legal Guide

How to Run a Wildly Successful Franchise Business

Starting and running a successful business can be challenging. Between developing a viable business plan, designing a product or service, and building your brand, the going can get tough. Buying into an established franchise can help shorten that process by providing with an already established business, with a proven business model, and backed by a strong brand that works.

While running a franchise is similar to running any other business, it comes with several unique perks that make things easier for you. A franchise brings the benefit of support and guidance from the franchisor, a great brand and step-by-step system to guide you, and a business model that has proven to be successful.

However, what you don’t get are the business skills required to operate, manage, and grow a thriving business. As Forbes advises, the most successful business owners operate with a defined plan, create effective processes and procedures to execute that plan, and constantly pursue personal and professional improvement.

In this guide we’ll discuss five core factors that help contribute to a flourishing franchise business, and how you can apply them for consistent growth in your pursuit of franchise freedom!

#FranchiseSuccess #BusinessPlanning #GrowWithGuidance #StrategicSuccess #EntrepreneurialJourney #BusinessGrowthTips #FranchiseFreedom #OperationalExcellence #BusinessSkills #ContinuousImprovement

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Legal Guide

How to Buy a Profitable Franchise – Everything You Need to Know

Looking for lucrative business ideas? Could a franchise be your perfect solution?

If you’re considering starting a business but are unsure about viable business ideas, buying into a franchise could be your answer.

A franchise provides a market-tested business model and a product that people already love.

For the price of a negotiated royalty, you can buy into a thriving brand that not only gives you a platform to quickly grow a business but also provides the support you need to succeed.

However, while there are obvious benefits to leveraging a franchise model, it’s important to approach the process with due diligence and a well-thought-out plan.

Just as buying into a great franchise can help you launch a growth-ready business, signing up for the wrong franchise can produce a world of pain and financial ruin.

To help you navigate the franchise purchase process, this article explains the key steps involved and important matters to consider when purchasing a franchise.

We’ll provide a comprehensive overview of the process of buying a franchise, including how to find, assess, and secure funding for the right franchise.

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Legal Guide

14 Must-Know Pros and Cons to Buying a Franchise Business

A franchise is a business model where the franchisor (the owner of the business) grants the franchisee (the individual who buys a franchise location) the right to operate a business using the franchisor’s trademark, products/services, and operational systems… or in other words, a franchise is a business in a box!

Buying a franchise can be a great opportunity for those who want to own and operate their own business, but it’s important to understand the benefits and drawbacks of this business model before making a decision. 

A franchise brings many benefits including access to an established brand, ongoing training and support, and a proven business model. Unsurprisingly, this leads to strong business and financial performance – franchises created $790 billion in economic output in 2021.

However, despite all their benefits, buying a franchise isn’t all sunshine and flowers. There are several drawbacks to owning a franchise, including limited autonomy and control and high dependency on the franchisor – making a potential exit from franchising a potential nightmare.

Want to know more about the pros and cons of franchising?

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Legal Guide

5 Franchise Killers to Avoid in Your Next Franchise Agreement

While franchises are typically great businesses to invest in, you need to be careful of these five franchise killers that could be lurking in your franchise agreement.

A franchise presents a fantastic opportunity to own a successful business by piggybacking on a recognized brand name with a proven operating system. With a franchise, you obtain access to an established network of loyal customers, strong market share, and a solid base on which to rapidly grow your business.

But what starts out as the perfect business opportunity can quickly falter and fail if you don’t pay enough attention to the clauses in your franchise agreement. After years of helping people get out of completely unfair franchise relationships, I’ve seen countless smart and talented business owners driven into bankruptcy by franchise structures that were destined to fail.

In this quick guide, we’ll beam a flashlight on five clauses that can seriously threaten (or even kill) your franchise and what to do about them if you come across something similar in your next franchise investment.

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Legal Guide

5 Key Steps to Franchising Your Ontario Business

If you’re looking to expand your business and give yourself a bigger market to work with, franchising may be the way to go.

Franchising is when you license your business model and trademarks to another party in exchange for a fee.

Franchising a business can be a great way to expand your company’s reach. It allows you to tap into new markets and grow your brand awareness. franchising can also be a less expensive way to expand than opening up new locations yourself. When you franchise, you are essentially partnering with another party who agrees to operate under your name and brand. This can be a great way to get your foot in the door of a new market without having to invest a lot of time and money into doing so.

In this Legal Guide, we’ll discuss the basics of franchising a business in Ontario. We’ll cover topics such as what franchising is, the benefits of franchising, and the process of franchising. If you’re thinking of franchising your business, or are just curious about what it entails, then this blog post is for you!

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Legal Guide

The Green Exodus: How to Take Advantage of the Coming Wave of Failed Retail Cannabis Stores in Ontario

Alongside the rapid growth of legal cannabis in Canada, Ontario has seen a surge in retail cannabis stores.

While the cannabis market’s growth would have left some ruing missed chances to get in early, teething problems and the impact of COVID are presenting new and potentially profitable prospects.

If you’re considering entering the cannabis market, now might be the time for a well-considered bullish stance. This article details why this may be an excellent time to buy an Ontario cannabis business and the legal factors to consider in achieving this objective.

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Legal Guide

You’re About to Launch Your Business – What’s Your Exit Plan? 

An exit plan helps entrepreneurs establish their priorities, and make smart business decisions with a clear goal in mind. But keep in mind, your exit strategy can change as you grow, and as your business grows.

If you take on a business partner or an investor, they’ll have an exit plan that will need to align with yours. Otherwise, you might run into decision making problems, as you and your partner are aiming for different end goals.

Think of it this way – imagine if you and your husband or wife are individually planning a vacation, but both of you haven’t yet discussed your plans with the other. You were hoping to surprise your significant other with a tropical trip to the Bahamas or Jamaica, while your significant other was eagerly planning a historical trip across Europe. While you were out buying swim shorts and snorkeling gear, your partner was gingerly comparing lightweight travel backpacks so that you can each pack light.

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Legal Guide

5 Reasons Why You Should Expand Your US Business to Toronto

According to a new study, 57% of American businesses are considering expanding to Canada.

If your U.S. business wants to expand, you should give this link a good read as to why Toronto’s high-living standard, diverse workforce and strong GDP are just some of the good reasons why you should move your U.S. business to Toronto.

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About 20% of small businesses in Canada fail within their very first year. But it doesn’t have to be that way if you have the right business and legal guidance.