Franchising can be a tempting business avenue to pursue. Here’s everything you need to know.
- A franchise is a business model that allows owners to sell goods and services under an established brand as a part of a leasing agreement.
- Franchises offer various benefits that differentiate the model from typical small businesses.
- You’ll need to follow a legal process when starting a franchise to protect the franchisee and finalize the agreement with the franchisor.
- This article is for anyone exploring the potential of franchising a business.
More times than you can probably remember, you’ve likely visited a 7-Eleven, KFC, McDonald’s or Dunkin’ to enjoy the convenience and services of a brand you know and trust. These businesses are products of the business expansion practice called franchising. Their owners invested in a known brand in hopes of finding business success.
Franchising allows bigger businesses to branch out and grow while giving entrepreneurs and small business owners a chance to run their own operations with the help and support of a larger organization with a proven formula for success.
Franchising is a tempting way to find business success. However, it’s essential to understand what’s involved before taking advantage of this less risky – yet still rewarding – option for starting a business.
Author:
Bassam Kaado
Business News Daily Contributing Writer
Updated Nov 14, 2022
