Thinking about opening a franchise and licensing law firm? We tell you what you need to know to get started.
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Tips for Writing a Franchise & Licensing Law Firm Business Plan
As a startup entrepreneur, you're learning that small business ownership can be a lonely career path. That's especially true when it comes to writing a business plan – the seminal document that will shape the direction of your new franchise and licensing law firm.
Fortunately, you don't have to tackle your franchise and licensing law firm's business plan by yourself. These days, there are tons of great resources and solutions available to support the business plan writing process.
Our Business Plan Help section discusses some of the business plan resources other entrepreneurs have found useful.
Take a Look at the Competition
Prior to opening a franchise and licensing law firm within your community, it's a smart move to see how you will fit in the competitive landscape. Use the link below to generate a list of competitors near you. After clicking on the link, type in your city, state and zip code to get a list of franchise and licensing law firms near you.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you want to open a franchise and licensing law firm it's essential that you have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
But, a person who owns a franchise and licensing law firm in another town can be a great learning resource for you, once they realize that you are not going to directly compete with them in their community. In that case, the business owner may be more than happy to discuss the industry with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
So, what can you do to find a franchise and licensing law firm entrepreneur in another city who you can speak with?
It's easy. Here's a link you can use to find a mentor outside of your area.
Benefits & Drawbacks of a Franchise & Licensing Law Firm Acquisition
An acquisition can be a great way to enter franchise and licensing law firm ownership. But it's important to evaluate the benefits and drawbacks of buying a business before you decide on either an acquisition or startup approach.
BENEFITS: Existing companies have proven business models and a history of profitability. They should also have some degree of brand recognition and an established customer base.
DRAWBACKS: On the downside, franchise and licensing law firm acquisitions can be difficult to adapt to your unique business philosophy so it's important to make sure the business is capable of achieving your ownership goals before you initiate the buying process.
Don't Rule Out Franchising
Your odds of doing well with your venture are higher when you franchise and benefit from the prior work of others and their lessons learned.
Before opening a franchise and licensing law firm, a smart move is to investigate whether buying a franchise could make your life much easier.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own a franchise and licensing law firm, these resources will come in handy:
If you came here to learn about selling to franchise and licensing law firms, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.