An explanation of franchising vs. licensing, with advantages and disadvantages of each to help entrepreneurs make wise business decisions.
What's striking about the history of business plans is how little has changed. Sure, the medium we use has changed over the centuries, but the end result – having a written plan that demonstrates to the business owner and possible investors how to make a profit – has remained consistent.
With launching a new company comes the need to make many decisions. Among them: choosing a business structure. The type you select for your startup affects far more than whether or not your company’s name includes something like “LLC” or “Inc.” at the end of it.
If you have broad business, management and communication skills, opening a franchise business may be right for you.
If you're going to turn your hobby into a legitimate business, you need to accomplish a number of tasks to get yourself up and running. Just like any other business, there are special filings to submit, accounts to be opened and laws that need to be checked.