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What is Franchising & How Does It Work?
With the ever-evolving horizon of modern business, franchise opportunities have become an exceedingly popular option, and having been involved in the industry for over 10 years I have been a first-hand witness to the changes in the industry. However, when we ask ‘What exactly is franchising?’ it can be hard to define due to the nature of the industry.. In this article, I will explain the pillars of modern franchising.
There are three key things we need to keep in mind when we are discussing how franchising works:
Franchises Come In All Shapes & Sizes
It is important to eliminate preconceived notions about franchising or you risk losing focus on the opportunity altogether.
When most people think of franchising their minds drift toward fast food. However, franchising is much more than just takeout. These days you can find franchise models in any industry and the list expands each year…
Some examples are:
- Construction: Restoration or Segmented Home Services
- Beauty & Salon: Suites locations or barber or hair cut locations
- Travel: Cruise Planners
- Real Estate : Commercial & Residential as well as Property Mangement
- Cleaning: Commercial & Residential
- Retail : Boutique Shops or Estate Sales
- Fitness: Boutique and Big Box
Franchising Is Essentially A Business In a Box
The Initial Work Associated With Starting A Business Has Already Been Done For You
When you consider the initial work involved in starting a business, a lot of the work required is front-loaded, meaning that early, during the inception of the business before operations can begin to run smoothly & efficiently. One of the strengths of the franchise model is early tasks associated with entrepreneurship & starting a business have already been completed for you. While an entrepreneur beginning their start-up generally would need to design their own product or service, and business model with their own funding, a franchise generally comes with these key aspects of the business. Additional elements that franchisors can provide are:
- Supplier relationships
- Legal Support & Compliance
- Initial and ongoing training
- Technology
- Advertising & Marketing
- Quality Control
- Existing Brand Recognition
Another key aspect associated with a start-up business is the need to establish a reputation and brand recognition, which could take decades or may simply never happen if you are not able to find the right audience or position your brand correctly in the market.
When you buy into a franchise, often come with a strong reputation and may even be nationally or internationally recognised (Think of McDonalds, UPS or Century 21). These mature brands arte trusted in the eyes of the public for decades. When buying a franchise you are also benefiting from their established brand recognition & reputation.
When You Buy A Franchise You Are Never Operating Alone, You Have A Partner
After you pay your franchise fees, you aren’t just left operating on your own. Having been in the industry for over 10 years I can assure you that when you find the right franchisors they are 100% invested in your success. Of course, the franchisors get royalties - however, this is a further incentive for them to support your investment, as your success directly translates to their royalties - so you can be confident that they have your back. Not to mention, those royalties are paying for the support you will receive in the long run.
If you enjoyed this article, consider checking out our Franchising Blog for other similar articles. I have also created a YouTube video on the same topic which can be found above.
Are you interested in owning a franchise? Discover our range of handpicked franchising opportunities all across the USA – book your free consultation today. Alternatively, if you have any questions about franchising or would like more insight, get in touch today.
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