A franchise is an independently-owned location of an already-established brand. The most commonly used form of franchising is in the restaurant industry, although other brands also offer franchising opportunities for entrepreneurs as well. Franchising has benefits both for the owner of the brand and the franchiser.
As the owner of a brand, franchising is one alternative to opening and operating chain stores all owned and managed by the company. A franchise allows a company to get the name of their business out into the world and receive profits without having to control the day-to-day management of each location. As an entrepreneur, a franchise is also an excellent choice. Opening a franchise means that you do not have to go through the legwork that it takes to establish a new brand. You already know that people love the brand, and you do not have to establish branding or come up with new menus, because they are already set. Owning a franchise is a lot like opening an independent business, just with less upfront work.
How to purchase a franchise
Purchasing a franchise takes several steps, but most franchising brands offer help and support through the entire process. The first step in purchasing a franchise is selecting a franchise that you love and want to run. The best franchises have enough room to grow within an area and are away from other similar businesses. You should also select a franchise that fits your likes and personality, as you will be spending a lot of time there.
Contact the brand after you decide which franchise to open. Often, each business will have contact information and support for individuals interested in opening a franchise, such as a Regional Development Director. This person can help you establish the beginning steps of the franchise application process.
Throughout the application process, you will work with several people to establish the new franchise. You will have to agree on a location, management, and the fees for starting the business and the percentage of profits transferred back to the original company. Once you are happy with the plan, you will sign a contract with the company.
After you have established your contract, the company will guide you through the training necessary for you to run the new franchise. The training can take anywhere from several days to several weeks. The company will also work with you to set up the interior of your business to match their branding set.
What are the best franchises?
Sandwich franchise
With the recent push toward healthier eating, a sandwich franchise is the perfect franchise to start to attract customers who wish to save their waistlines by eating lighter during the week. Sandwich shops are ideal for feeding families, business people, the health conscious, and college students. Most sandwich shops stay busy consistently due to familiar tastes and low food prices.
Hotel franchise
A hotel franchise is a good investment because when people travel, they have to stay somewhere. Most travelers gravitate toward well-known hotel brands, because they know they will receive the same prices, service, and appearance anywhere in the world. Hotel franchises usually require a higher amount of up-front investment than smaller franchises, simply due to their size.
Donut franchise
Everyone loves a donut, and some of the most famous donut brands have loyal followers around the world. The most successful donut shops capitalize on the traditional flavors that everyone knows and loves about their morning donut. Donut franchises attract people on-the-go, families, weekend customers, and business people.
Convenience store franchise
Convenience stores are popping up everywhere, and they are not always attached to gas stations anymore. The recent trend toward smaller neighborhoods and the trend toward city living versus suburban living has also made convenience stores more popular than ever. In the next few years, convenience stores are likely to continue to remain a popular shopping destination for quick shopping trips. Convenience stores attract everyone from neighborhood shoppers picking up a few items to travelers.
This post is provided by Liz Conaty, she wants to ask you, why not own a franchise?