Franchising Industry Has History Behind It
Franchising Industry Has History Behind It
But as with everything else, corruption soon entered this form of business too. Unscrupulous business owners duped people and ran with their money whereas financially poor companies provided franchise business for sale offers, but without the necessary infrastructure to support them. So, in order to introduce a proper system in the industry, the Federal Trade Commission introduced some rules and regulations in 1978. Accordingly, all franchise opportunities had to submit a written document called the Uniform Franchise Offering Circular or UFOC to the people who were inquiring about starting a franchise with them. The UFOC had to be submitted before any franchise agreement was signed and any money changed hand. The prime aim of submitting the UFOC was to make the franchisee know where he was getting into. The International Franchise Association was also formed to bring an aura of professionalism into an arena that was sometimes becoming very chaotic.
Today, franchising is an integral part of the American business scenario. It accounts for a business of over $2 trillion! This industry has more chance of succeeding than a stand-alone business. It is estimated that for every 12 new business that opens in the United States, 1 is a franchise business. With economic slow-down hanging over the market and corporate America downsizing, franchising is becoming the bread-and-butter earner for many households. The future also looks very bright for the people who wish for buying a franchise. The new FTC rule that will become compulsory by July 1st this year will make this line of business even more transparent and safe. There are some new categories that have immense potential such as the senior-care, handyman, child-education and pet-care industry. So, if you were toying with the idea of joining the franchise industry, start acting on it immediately. Browse through the website www.brandexpansion.com to get further details.
Franchising Industry Has History Behind It - To learn more about this author, visit Michael Hemenway's Website.
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Franchising (in old French the term means privilege or freedom) started in the Middle Ages in Europe when the local ruler of the place granted privileges to hold a fair or operate a ferry. It gradually extended to granting permissions in order to brew ale and run taverns. It was like giving someone license to operate a monopoly business. The rules became a part of the European Common Law. The term franchising in the modern context was used first in 1851 when Singer Sewing Machine Company began granting distributorship rights to individuals. In the beginning, franchising was all about distributing finished goods, but the scene started to change when WWII veterans returned and settled down to raise their families. The resulting baby boom of 76 million births in America changed the business world and the face of franchising itself. As demand for all kinds of products and services increased, business format franchising (the kind that is popular today) was introduced and there was a rapid expansion of the fast food industry (which still is recognized as the most important franchise category).
But as with everything else, corruption soon entered this form of business too. Unscrupulous business owners duped people and ran with their money whereas financially poor companies provided franchise business for sale offers, but without the necessary infrastructure to support them. So, in order to introduce a proper system in the industry, the Federal Trade Commission introduced some rules and regulations in 1978. Accordingly, all franchise opportunities had to submit a written document called the Uniform Franchise Offering Circular or UFOC to the people who were inquiring about starting a franchise with them. The UFOC had to be submitted before any franchise agreement was signed and any money changed hand. The prime aim of submitting the UFOC was to make the franchisee know where he was getting into. The International Franchise Association was also formed to bring an aura of professionalism into an arena that was sometimes becoming very chaotic.
Today, franchising is an integral part of the American business scenario. It accounts for a business of over $2 trillion! This industry has more chance of succeeding than a stand-alone business. It is estimated that for every 12 new business that opens in the United States, 1 is a franchise business. With economic slow-down hanging over the market and corporate America downsizing, franchising is becoming the bread-and-butter earner for many households. The future also looks very bright for the people who wish for buying a franchise. The new FTC rule that will become compulsory by July 1st this year will make this line of business even more transparent and safe. There are some new categories that have immense potential such as the senior-care, handyman, child-education and pet-care industry. So, if you were toying with the idea of joining the franchise industry, start acting on it immediately. Browse through the website www.brandexpansion.com to get further details.
Franchising Industry Has History Behind It - To learn more about this author, visit Michael Hemenway'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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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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