Some of the most widely recognized brands are franchises. From Jimmy John's sandwiches to SportClips haircuts to Hilton hotel stays to RE/MAX real estate listings, franchising remains a powerful engine for expanding businesses in any product or service industry, and there’s plenty of reasons why.
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Dunkin’ versus Starbucks – it's a mash-up for the history books. Besides branding, messaging, and product differences, these arch-enemies share another vital differentiator. While Starbucks largely operates via company-owned locations, Dunkin almost exclusively operates through a franchise model.
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Starting a business is one of the most rewarding pursuits. With long days and nights developing your concept, meeting potential vendors, raising capital, and adapting to changing circumstances, it requires substantial time and effort to take a business from an idea to reality.
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There are a number of ways to expand any business in any industry. From corporate expansion to joint ventures to dealerships to franchising, business owners have a multitude of options when it comes to growth.
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The marketplace is full of competition. Though franchisors can provide vital support to franchisees to face both direct and indirect competitors, they must also provide the geographic boundaries to protect franchisees from the other franchise locations.
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Several years into your business, you may feel at the top of your game. As you seek opportunities for growth, the topic of franchising may cross your mind.
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We know starting the franchising process can be overwhelming. Whether you’re a business owner exploring ways to grow, or a prospect interested in owning a franchise, franchising introduces participants to a whole new world of legal procedures, brand consistency, scaling responsibilities, franchise relationships, and investments.
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The “shop small” movement seems to dominate consumer preferences, leading many to believe national chains and franchises have lost their allure for consumers seeking authentic, localized goods and services.
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When advising clients concerning best practices in franchising, we discuss the importance of implementing a franchise compliance program to ensure the company remains in compliance with all federal and state disclosure laws and regulations.
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