3 Things No One Tells You About Buying a Franchise
- They come in all shapes and sizes: Franchising has been around for decades, but it’s not all Fast Food and Tanning Salons. There are over 1000 concepts out there that serve diverse audiences. Each one is different and can offer you (and your family) certain perks and challenges. As you begin (or wrap up) your franchise research make sure you know what you want and don’t want to do… Do you love kids? Hate food? Want it home based? There’s something out there for you – and in your price range.
- Obligations go both ways: Franchisors and Franchisees enter a contractual relationship in which both parties have duties. For some it is a financial benchmark, for others it is a required length of time. No matter what franchise you end up considering, be sure to review your legal obligations to the company and know and what’s owed to you too.
- It’s not always a long-term commitment: Most contracts lock you in for a certain period of time – but franchisees that grow their business and decide to move onto another project might have the opportunity to sell their asset sooner than that. Over the last 30 years, Young Rembrandts has been the part of many family’s journeys. A lot of our franchise owners have renewed their contracts to continue their local YR business. While some have opted to grow their business to a certain point and sell their asset for a profit. Whatever business you end up getting into, make sure you consider your exit strategy.
If you think Young Rembrandts might be what you're looking for text or call us 224.325.5428 - a Young Rembrandts team member will be available to answer your questions.