What is a franchise?
It may seem like a daunting prospect but becoming a franchisee, but it doesn’t have to be if you find the right franchisor!
So what is a franchise? Franchising is where a company (the franchisor) licenses its trademarks, operational systems, and support mechanisms to independent operators (franchisees).
This method enables the franchisor to grow its brand presence and market reach while giving the franchisees the freedom to manage and grow their own business in different locations.
Franchisees benefit from operating under a recognised brand and having access to established business practices, training, and ongoing support.
It should be a mutually beneficial relationship so that the whole network grows and succeeds. As the franchisee you gain a blueprint for success.
It can be difficult to understand exactly what is a franchise as there are many different models and examples available.
Many different types of businesses offer franchise opportunities, from the likes of McDonalds, through to retail, professional services and many more.
The crucial thing for you as a potential franchisee, is to find the right type of business for you:
- Something in the sector and industry where you have the skills and experience, and others can benefit from that
- A purpose to the business that inspires you and gives you energy
- Something that offers you the freedom to create and grow your own business in the way you want to, while giving you a template for the greatest likelihood of success
- A franchise that aligns to your own values
- Finally, a franchise that will give you the tools, training, and on-going support to be the best business owner you can be!
If you want to explore further as to what a franchise is, in relation to UK Growth Coach, click on the button below to find out more.
