Considering buying a franchise? No doubt you have done your research to find out what opportunities are available and to find a business that matches your interests or skills.
As a small business owner, you likely have closely guarded information about your company and its operations that you do not want your competitors or others accessing. Know as your business's "trade secrets," this information can take on many forms.
With so many steps in starting and operating a business, you may rush through some of them. One of these steps may be purchasing an insurance plan for your company.
You might be comfortable with using handshakes and promises to confirm deals and agreements, especially when it comes to friends and family. However, to successfully own and manage a business, it's important to put things down on paper. Contracts enable you to protect yourself and your business should disagreements, conflicts or contractual violations arise.
Perhaps you work in a retirement community or have always had special reasons to want to own one. You have decided the time is coming, and the main question weighing on your mind is whether to buy an existing community or start one from scratch.
When you have spent a great deal of time building your business’s success and reputation, the last thing you want is for someone with inside information to use it against you. This might occur when a former employee uses your company’s secrets, such as an exclusive formula, financial information or your clients’ contact info, to gain an unfair competitive advantage over you. You might find a solution by creating a noncompete agreement for your employees to sign, but you and other Georgia employers need to understand the elements of a fair noncompete contract.
If you are working to establish your own small business, one of the first and most important steps involves determining what type of business entity you would like to create. Different business entities have varying benefits and drawbacks, and what works best for one type of company may differ broadly from what is best for another.
Many small business owners in Georgia operate as partnerships. This business model has many advantages, but it works best when the partners have a solid plan and an understanding of the legal basics.
If you are considering going into business as a franchisee, you have probably completed your due diligence, are happy with the results and are looking forward to the next step: the franchise agreement.
Starting a new business is not a walk in the park. While it is full of excitement, there are a lot of things to consider. With so much pressure on you, you may make a wrong decision that may set you back or even hurt your potential.