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Franchise Business Introduction
Franchise Businesses Buyer's Guide
Franchise businesses are so common as to be ubiquitous in America today. According to the International Franchise Association, a new franchise business opens somewhere in the U.S. every eight minutes. In fact, about one out of every 12 retail stores is a franchise. Because of the unique way they are run, they present an excellent business opportunity for budding entrepreneurs.
The concept of a franchise is simple: an independent business buys the right to use a large company's name and get access to its expertise. The big company gets a new outlet that will promote its brand and provide ongoing revenue, while the franchisee gets a big leg up thanks to a proven business plan, an established brand, and many different types of assistance and training.
It is important to distinguish between regular chain stores and franchises. In a chain store, the corporate parent owns and runs every location. With a franchise operation, each franchised branch is owned and run independently of the corporate headquarters. Franchisors, as the parent companies are known, can own some outlets directly while franchising others; franchisees can own one local store or dozens of branches across a city, but the basic relationship remains the same.
The nature of a franchise business comes down to a significant tradeoff: franchisees get access to a proven business model while giving up significant control in how they do business. This BuyerZone Buyer's Guide will help you decide if buying a franchise is the right choice for you, teach you how to evaluate potential franchisors, and point out some common mistakes you should avoid.
Franchise Businesses Buyer's Guide
Franchise businesses are so common as to be ubiquitous in America today. According to the International Franchise Association, a new franchise business opens somewhere in the U.S. every eight minutes. In fact, about one out of every 12 retail stores is a franchise. Because of the unique way they are run, they present an excellent business opportunity for budding entrepreneurs.
The concept of a franchise is simple: an independent business buys the right to use a large company's name and get access to its expertise. The big company gets a new outlet that will promote its brand and provide ongoing revenue, while the franchisee gets a big leg up thanks to a proven business plan, an established brand, and many different types of assistance and training.
It is important to distinguish between regular chain stores and franchises. In a chain store, the corporate parent owns and runs every location. With a franchise operation, each franchised branch is owned and run independently of the corporate headquarters. Franchisors, as the parent companies are known, can own some outlets directly while franchising others; franchisees can own one local store or dozens of branches across a city, but the basic relationship remains the same.
The nature of a franchise business comes down to a significant tradeoff: franchisees get access to a proven business model while giving up significant control in how they do business. This BuyerZone Buyer's Guide will help you decide if buying a franchise is the right choice for you, teach you how to evaluate potential franchisors, and point out some common mistakes you should avoid.