Understand the language of franchising
If you have planned to step into the world of franchising, you will be keen to find all necessary information on the subject. If you are considering buying a franchise, you will have to carry out extensive research on the various franchising opportunities and the types of franchise you could own.
Apart from this, you may have noticed that there are certain unheard terms that you stumble upon and this makes the process of understanding more difficult for a newcomer. Hence, it is best to get acquainted with some commonly used terms so that you are able to make an informed decision.
It is not very difficult to remember or understand these terms. If you are clear about what franchising is and the other fundamentals related to it, you can make the learning process easier.
• Business format franchise: This refers to a particular format or plan put forward by a franchiser. This includes points that describe the guidelines for a franchise to run smoothly. • Service mark: This term is quite similar to the term trademark. The use of the franchisee materials are copyrighted by the franchiser. This means the product or service is copyrighted. • Lease franchise: A franchiser rents a premise or property to a franchisee as a rental.
These are some familiar terms in regards to franchising. If you wish to explore this industry, you will have to be well aware of these concepts.