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Franchising is simply a method for expanding a business and distributing goods and services through a licensing relationship. In franchising, franchisors (a person or company that grants the license to a third party for the conducting of a business under their marks) not only specify the products and services that will be offered by the franchisees (a person or company who is granted the license to do business under the trademark and trade name by the franchisor), but also provide them with an operating system, brand and support.
More than 120 diverse industries use franchising as their route to market including:
- Business Services
- Commercial and Residential Services
- Personal Services
- Quick Service Restaurants (fast food)
- Real Estate
- Retail Food
- Retail Products and Services
- Senior Care and Medical Services
- Table/Full Service Restaurants
In a 2015-2016 survey by Franchise Business Review on franchisees’ relationship with their franchisors it was determined:
- 93 percent enjoy operating their business,
- 90 percent of franchisees enjoy being part of their organization,
- 95 percent feel positive about their affiliation with their franchisor,
- 87 percent respect their franchisor,
- 85 percent feel their franchisor operates with a high level of honesty,
- 80 percent would recommend their franchise brand to others, and
- 77 percent would “Do it all over again” if they had the option.
Great franchisors provide systems, tools and support so that their franchisees have the ability to live up to the system’s brand standards and ensure customer satisfaction. And, franchisors and all of the other franchisees expect that you will independently manage the day-to-day operation of your businesses so that you will enhance the reputation of the company in your market area.
Some of the more common services that franchisors provide to franchisees include:
- A recognized brand name,
- Site selection and site development assistance,
- Training for you and your management team,
- Research and development of new products and services,
- Headquarters and field support,
- Initial and continuing marketing and advertising.
Investing in a franchise or becoming a franchisor can be a great opportunity. But before you select any franchise investment and sign any franchise agreement, we help you into your homework because it’s helps you to, understand what the franchise system is offering. Our Best Entrepreneurs around the world always their to guide you to make a profit deal out of all. So just connect with us and our experts will get back to you.