Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. A misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.
We act as another level of support
When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. That assistance can include helping you find a location, sending a trainer out to work with staff, and operating advice. Choosing a business services company like MyCorp, though, adds an extra dimension of support as we work on the legal side of starting a new business. That means you have two camps supporting you as you start out – the main franchise to help with the business, and us to help out with the legal paperwork.
We know what a new business needs.
You need way more than a well known name and a location to start your own business. Nearly every state, county, and city will require an array of licensing and permits, depending on what your company does. Before you even hire any help you’ll need to file for an employer-identification-number. And while the franchising company can point you in the right direction, we have over a decade of experience working with governments in all fifty states. We’ll know what needs to be filed, and will even fill it out on your behalf.
We help protect you
Loads of franchisors actually choose to form a separate business entity and run the company through that, and for good reason. Every business owner – franchisor or not – takes a risk by starting up. There is always the chance that an investment doesn’t pan out. And without an LLC or Corporation, you will likely be accountable for that investment. That means your personal assets could be seized to pay for the business’s debts. Forming an LLC or incorporating puts up a wall between the business and your personal property. Franchises are typically a bit less likely to flop than brand-new businesses, but there has never been any business that’s 100% immune to failure.
Investing in a franchise is a great way to enter the world of small-business ownership. You are buying name recognition and a proven model of success. But, like with any business, you need to make sure you get started on the right foot, and you run things properly. A misfiled form, or a forgotten filing date, could mean fines and even dissolution. But when you work with us, we deal with the legal and administrative paperwork, meaning you can focus on making your franchise a success.
Thinking about franchising as a way to start your own business? Need a little bit of help getting up and running? Just give us a call at 1-877-692-6772, and we’ll be happy to lend you a hand!