21-Jun-2018



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Frequently Asked Questions

What is a franchise
A Franchise is a type of business in which a shop owner (Franchisee) is authorized to sell goods or services of a highly successful company (Franchisor) as per the terms of franchise agreement. Franchise agreement usually involves authorizing selling and promoting of product or service from a specific location and achieving specified sales targets. There is usually a start up fee that the Franchisee will pay to the Franchisor and then there will be additional fees based upon a percentage of sales that the Franchisee makes.

Is franchising safe?
Franchising is a way for companies to expand without expending huge amounts of capital. It benefits the Franchisor because the Franchisees use their own money to set up the new outlets. It benefits the Franchisees because they are able to operate under a proven system that is more reliable than starting your own company from scratch. Based on multiple business survey around the world, it is often said that 80% of new start ups close down within 5 years, whereas 80% of Franchisees are still trading after 5 years! "Be in business for yourself but not by yourself" and "Learn from the success and failure of others".

How does a company start franchising?
Imagine a store owned by an individual with a particular concept. If the business is successful, the owner may develop a second or third store and hire employees for the day-to-day operations. At that point, if that individual still wants to expand but prefers not to operate additional stores himself or herself, he or she may decide to "Franchise" the store name and successfully created business model to another business person or Franchisee and in return, may ask for an initial start up fee and/or a continuing royalty payment based on a percentage of that Franchisee's sales. Expanding business through franchisee network is how a business starts franchising.

Typically, what kinds of businesses lend themselves to Franchising?
Almost any kind of business can lend to franchising. Typically, you would think of fast food and restaurants first when thinking of Franchising, but Franchising covers the spectrum from almost A to Z be it from advertising/direct mail to construction, to dating services, to home inspection, to security systems, to video sales and rentals. Printing and copying services, maid services, computer services, cleaners, lawn care services, real estate, hotels and motels, and travel agencies are excellent examples of successfully applying Franchising to established industries.

 



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