Franchising is an important part of real estate in Worcester

People in Massachusetts see franchises everywhere: whether they are fast-food restaurants or popular chain stores, franchises are an important part of the state's real estate market. These iconic establishments can be a boon not just to the franchisees, but to the state's economy as a whole. Therefore, residents of Massachusetts may be interested in learning more about franchising.

In a franchise, a franchisee makes a one-time payment to the franchisor and then promises to pay the franchisor additional royalties earned by the business. In exchange for this, the franchisee gets to use the business's trademark, use the business's system of operations and the right to sell the business's goods or services.

This can be beneficial for many reasons. First of all, the franchisee gets to utilize what is already a successful business model. Moreover, it is likely that there is a demand or need in the area for the franchise's goods or services. Also, by purchasing supplies on a larger scale, franchisees can save in the area of business expenses. Franchisees can also benefit from the franchisor's advertising efforts.

If you are thinking of purchasing a franchise, it is important to research what industries suit you and are in a position of growth. Next, it is important to determine whether there is a need for that type of business in your area. Also, take the time to educate yourself about the franchise you are contemplating buying -- does it have a good reputation? Is it well-managed? These are important considerations to make.

Above all, if you are thinking of purchasing a franchise, you may want to consult with a real estate attorney. Real estate attorneys can be familiar not just with the real estate market in the area, but can also advise on the legal requirements needed to purchase a franchise. Since purchasing a franchise is a major business undertaking, it may be best to avoid handling these types of matters alone.

Source: Entrepreneur, "Franchising," accessed Feb. 27, 2017

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