Popular Franchises
- New franchises
- Green franchises
- Home based franchises
- International franchises
- Low cost franchises
- Master franchises
- Mobile franchises
- Multi-unit franchises
- SBA Approved franchises
- VetFran franchises
- Women franchises
Featured Catergories
- Advertising & Marketing franchises
- Automotive franchises
- Beauty franchises
- Business Services franchises
- Childrens franchises
- Cleaning franchises
- Clothing and Footwear franchises
- Coffee franchises
- Computer franchises
- Consultancy franchises
- Education franchises
- Entertainment franchises
- Financial franchises
- Fitness franchises
- Food franchises
- Gardening franchises
- Healthcare franchises
- Home improvement franchises
- Home Inspection franchises
- Internet franchises
- New franchises
- Pet franchises
- Photography franchises
- Printing franchises
- Property Maintenance franchises
- Real Estate franchises
- Repair franchises
- Restaurant franchises
- Retail franchises
- Security franchises
- Senior Care franchises
- Shipping franchises
- Sign franchises
- Sports franchises
- Staffing franchises
- Tax franchises
- Training franchises
- Travel franchises
- Vending franchises
All about franchising
What is a franchise?
A franchise is an agreement to conduct business using a specific product or method of operation. As a franchisee you own the assets of your company, which you have chosen to invest in someone else's brand and operating system and ongoing support. You own the assets of your company , but you are licensed to operate someone else's business system. Typically there are two types of franchise methods. - “business format franchising” and “product and trade name franchising.”
Benefits of a Franchise Business
Do you know how franchise opportunities compare with independent business? Why not weigh up all the 'pros and cons'.
Investigating A Franchise Opportunity
Investigating a Franchise Opp.Investigating the right franchise opportunity in the US can be a daunting task, however, if you approach it systematically you should easily be able to arrive at a short list of suitable US franchises opportunities.
Evaluate a Franchisor's services
To sell franchises, franchisors will put their best foot forward when talking with a prospective franchisee. They know you're evaluating them as much as they're evaluating you, so you must investigate all their promises and claims.
Read about getting good training
What is the Franchisor Looking for?
What is the Franchisor Looking for? Franchisors believe that management skills, attention to customer service and sales skills are the most important qualifications
Finding a great location
Understanding what the perfect location is for your type of business is only the beginning of the process. Now it's time to go out and find it.
Franchise Resales
There are some significant differences and potentially some advantages to buying an existing franchise opportunity (a franchise resale) instead of starting from scratch.
Assess the franchisor
You must have confidence in the Franchisor you choose and ask them questions about the business and the structure of the organisation at the early stages.
20 + Questions
Here are some questions you might like to ask. Remember that there are many types of franchises and you may have to adjust the questions to suit the specific franchise opportunity you are enquiring about.
Franchise Glossary
Buying a franchise, as like any business start-up, can be a complex process. To help simplify it for you we have listed below an extensive list of common franchise terms and their definitions.
Difference between a Biz-op and a franchise
Some business opportunities are packaged to look like franchises, but once you get a better grasp of what a franchise is, you'll know the limitations of business opportunities. The distinction is often found in the degree of the relationship between the parties. In a biz op the important element of the relationship is the specific product or service that is being delivered. In a business format franchise it is the system of delivery that is most important. Another major distinction is that the biz op owner generally does not use the company's name or logo in identifying their business as they would in a franchise.
Disadvantages of Franchises and Franchising
Franchising also has drawbacks and it is important that you give them full consideration before making any sort of commitment. The drawbacks fall into three categories…
Franchise Fees
Franchise FeesYou need to identify and understand the financial commitments required i.e. how much money you will need to acquire, start up and operate the franchise opportunity of your choice.
Evaluate the Market
If you are buying a franchise opportunity, you are going to be working, selling and promoting the product or service for a long period of time. You can't change or develop the product or service, so make sure that the franchise has long-term appeal and its market is not threatened in any way.
How Many Should I Apply to?
You should determine which franchise opportunities might suit you and then you should contact the franchisors for further information. Narrow down your list of possibilities to two or three franchises, using an initial evaluation of the franchisors, their products and services, and their franchise opportunities.
What Happens at the Interview?
Though it may make you feel uncomfortable at times, a franchisor's investigation of you indicates that the company licences only qualified individuals. Such a company will be interested in establishing and maintaining a sound, mutually profitable relationship with you - not in taking your money and running.
Make a good impression on the franchisor
Most of the more professional and savvy franchisors do develop a profile of their ideal franchise candidate. This profile is then used to create the proper message in their franchise marketing materials. It is important that you identify the required profile and try to fulfill it during the meeting.