Individuals who are interested in acquiring a business may choose to buy or create their own independent company or to purchase a franchise. One advantage to starting or buying an independent company is that an individual can run the business however he or she chooses. On the other hand, a franchise owner has the ability to rely on the parent corporation for materials and brand recognition.
Those in Michigan who are considering into going into business often must decide whether it makes more sense for them to strike out on their own completely or if they would rather choose to franchise. With a franchise, the owner will enter into an agreement with the corporation that holds the trademark or name in order to do business under it.
Michigan individuals who sell a franchise must follow strict guidelines regarding information that must be provided to a potential buyer about the franchise. If these rules are not followed, the seller can face stiff penalties.
New business ideas come from a variety of inspirations. For the co-owner of the new Renee's Gourmet Pizzeria, the business and its name was inspired by his daughter. The pizzeria, which opened in February, is believed to be the only one in Michigan whose entire menu is both nut-free and gluten-free.
Some great things about franchising: the franchisee's stake in the business can make for a superb incentive; the franchisor's already-proven business model alleviates the franchisee of much leg work; and essentially, the risk is shared.