Does Franchising Make Sense For Your Business?

STATEN ISLAND, N.Y. -- Are you interested in rapidly expanding your business? You might consider franchising, especially if your business model is easily replicated.

A franchise is a legal and commercial relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group wishing to use that identification in a business.

In the simplest form, a franchiser owns the right to the name or trademark and sells that right to a franchisee. This is known as product/trade name franchising.

The more complex form, business format franchising, involves a broader ongoing relationship between the two parties.

Business format franchises often provide a full range of services, including site selection, training, product supply, marketing plans, and even assistance in obtaining financing.

With franchising or any other business-growth initiative, you will need to have a competent team of experts and advisers in place, such as your lawyer, tax adviser and banker.

As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank offers a variety of essential and convenient services for its clients.

The bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.

For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

You can find out more about franchising by visiting the U.S. Small Business Administration at http://www.sba.gov/content/build-your-own-franchise.

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