What is Franchising
What is Franchising
In its most simple definition, a Franchise is a business opportunity that allows the Franchisee (possibly you) to start your business by legally using someone else's (the Franchisor's) expertise, ideas, and processes. In some cases, this means also having the right to use the Franchisor's established name and branding, as well as their already-tested business model. In other cases, this means the right to resell (or distribute) a Franchisor's product.
More completely, a Franchise is the right to use someone else's business system. As a Franchisee, you purchase this right by means of a Franchise fee and in accordance with a contract, called a Franchise Agreement. In return, the Franchisor maintains the business process and you agree to operate your business according to their model.
When you hear the term "Franchise", the most familiar example is fast food-such as Wendy's, McDonald's, or Burger King. The important thing to note is that these Franchisors are not just selling burgers; they're selling a consistent way to run a business that sells burgers. This includes marketing, advertising, recipes, the look and feel of the facility from which you, too, would sell burgers, and the very well-known branding that goes with that system.
Fast food and restaurants are not the only examples of Franchises, though their success is probably what brings them first to mind. Just about every industry you can think of includes a successful business practice sold as a Franchise-from janitorial services to tires to haircuts. There are as many different Franchise business systems as there are goods or services that people wish to use. Franchises -- they aren't just chicken or burgers anymore.
What is Franchising - To learn more about this author, visit Bob Richman's Website.
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So you're looking for a Franchise opportunity...but you're not quite sure exactly what "Franchise opportunity" means? What is a Franchise, anyway?
In its most simple definition, a Franchise is a business opportunity that allows the Franchisee (possibly you) to start your business by legally using someone else's (the Franchisor's) expertise, ideas, and processes. In some cases, this means also having the right to use the Franchisor's established name and branding, as well as their already-tested business model. In other cases, this means the right to resell (or distribute) a Franchisor's product.
More completely, a Franchise is the right to use someone else's business system. As a Franchisee, you purchase this right by means of a Franchise fee and in accordance with a contract, called a Franchise Agreement. In return, the Franchisor maintains the business process and you agree to operate your business according to their model.
When you hear the term "Franchise", the most familiar example is fast food-such as Wendy's, McDonald's, or Burger King. The important thing to note is that these Franchisors are not just selling burgers; they're selling a consistent way to run a business that sells burgers. This includes marketing, advertising, recipes, the look and feel of the facility from which you, too, would sell burgers, and the very well-known branding that goes with that system.
Fast food and restaurants are not the only examples of Franchises, though their success is probably what brings them first to mind. Just about every industry you can think of includes a successful business practice sold as a Franchise-from janitorial services to tires to haircuts. There are as many different Franchise business systems as there are goods or services that people wish to use. Franchises -- they aren't just chicken or burgers anymore.
What is Franchising - To learn more about this author, visit Bob Richman's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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