What is a franchise?
|
| Tweet |
|
Free PDF Download A change of direction with a Franchise Business - By Nick Strong |
Business format franchising in a nutshell is the documenting and replication of a proven business formula. In order to franchise a business it must not only be successful but have a good trading history under its belt.
The method by which the business succeeds will be written down in an operations manual and trade marks will be registered to protect the brand. This is the franchise system’s know-how or intellectual property. This becomes the determining formula as to how a market can be exploited and forms a business that is valuable for those who follow it energetically. Typically is it the difference between running a McDonald’s restaurant or a Joe’s burger joint. The brand of the franchise should have good public awareness, tried and tested support and systems in place, and consequently be more likely to succeed than a conventional business.
The franchising industry now brings over £10 billion into the UK economy and this has increased by double over the last 10 years. Indeed, the only conclusive franchise sector survey conducted annually by the BFA & NatWest Bank, show a dependable figure of around 90% of owners who are running franchised business on a self-employed basis remaining successful year after year.
Curious to find out more about franchising? Check the British Franchise Association website or browse one of the many franchise directories that can be found on the web or relevant franchise publications.
Related Articles
|
Free PDF Download A change of direction with a Franchise Business - By Nick Strong |
|
About the Author: Nick Strong RSS for Nick's articles - Visit Nick's website Nick Strong launched Select Your Franchise in October 2002. The site features an extensive franchise directory of business opportunities and advertises over 100 franchise brands in the UK. Nick has over ten years of experience in domestic and overseas franchise development. Nick is the Managing Director of Select Your Franchise UK Ltd, The Franchise Supplier Showcase and FranWeb Ltd. Nick also specialises in franchisee recruitment and business development training. To find out more about Nick at latest franchise news please check out our franchise blog. Click here to visit Nick's website. Deciding if a Franchise is Right for You Export your franchise to Australia Beat the Recession with a Retail Franchise Franchise development in 2009 Ways to Find Local Franchises |
Related Forum Posts
Share this article. Fund someone's dream.
Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva.
Over $50,000 raised and counting - Please keep sharing! Learn more.
Trending Articles
|
|
Like this page? PLEASE +1 it! |
Newsletter
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Popular Articles
Anger Solutions at Work: Why Customers Get Angry
How to make networking work for you.
The Magic of Marketing in Action
Anger Solutions at Work: Why Customers Get Angry
How to make networking work for you.
The Magic of Marketing in Action
Suggestions
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.







