How franchising offers benefits to franchisees and franchisors
Currently, the franchising industry is booming all over the world, as it can offer more benefits than a self-owned business. If you are planning to invest in franchising then you need to ensure that the franchisor’s company has good plans and marketable products.
After buying a franchise, you have to run the business by selling the services or products under the name of the franchisor. The franchisor is the owner of the franchise, which means that they own all of the products or services. When buying a franchise, you need to pay a fee to the franchisor.
The owner of the franchise will normally provide you with training, accounts planning and marketing strategies.
Why franchising is better than starting your own business
Firstly, franchising involves less money and risks, compared to starting your own business. One of the best things about franchising is that the customers often already know the brand, so there is no need for extra publicity.
You will find that franchising is categorised into three main types- format franchising, trade or product name franchising and distributorship, so you can choose which suits you the best.