Today, entrepreneurs frequently consider investing in franchises. Whether you buy a fast food franchise, a cell phone repair franchise, or a real estate sales franchise, undertaking this type of business venture requires careful planning. Franchisees usually benefit by discussing different aspects of their new enterprise with experienced, licensed specialists. Consider meeting with these four key professionals:

One: A Certified Public Accountant

A Certified Public Accountant offers valuable assistance in evaluating the financial condition of business ventures. This professional also supplies guidance concerning the types of records franchise owners need to maintain. If you anticipate returning a portion of your revenues to a franchisor on a regular basis, it makes sense to discuss this provision with your financial advisor. CPA firms also may provide tax preparation assistance for small businesses. Today, many Certified Public Accountants furnish helpful guidance concerning hiring and technology issues faced by new franchises.

Two: A Franchising Attorney

Before entering into any franchise agreement, it generally makes sense to discuss this contract with an attorney licensed in the state where you plan to conduct business. Try and find a lawyer who specializes in the area of franchise law. This professional helps clients understand the provisions of different franchise agreements, so they appreciate the full extent of their responsibilities and contractual obligations according to the terms of the franchise documents.

Three: An Insurance Agent

Most franchisees also benefit by spending some time consulting with an experienced insurance agent. In some cases, obtaining business insurance means the difference between a successful franchise experience and a failure. (In fact, today many franchisors insist that their franchisees obtain specified levels of insurance coverage to help safeguard them against possible losses.)

Four: A Real Estate Broker

Particularly if you anticipate the need to acquire a commercial location when you launch your franchise, it usually proves helpful to consult with a real estate broker. You’ll gain useful insights into the costs involved in establishing a new enterprise in your community, for example. An experienced broker offers assistance finding sites zoned for the types of business activities you anticipate undertaking. This professional may also supply information that helps you to decide whether to lease or purchase a commercial site.

Obtaining expert advice helps franchise owners avoid costly mistakes. The time spent meeting with these specialists may assist you in achieving faster business success!