Want to invest in a franchise? Get acquainted with the types of franchising available
Franchises are considered as one of the most successful business methods available today. But it is beneficial for you to get acquainted with the different features of franchising before arriving at a decision. Here are some of the different types of franchising methods you can choose from.
A retail franchise is basically a store in which customers walk in to purchase a product or service. Food retail outlets or fashion boutiques are examples of this. Location plays an important role in the success of any retail franchise. These franchises are operational for stipulated working hours. Skilled sales-staff play an important role in the success of such franchises.
In this franchise, the employees sell the products that are offered. The office site or functional premise is not necessarily situated in a shopping mall. A parcel delivery firm or a hire-a-car service is an example of this particular type of franchise. In a management franchise, the business is managed from different depots or regions.
Single operator franchise:
As the name suggests, this franchise involves a single individual. However, the individual can later hire additional employees if the business progresses. Security and cleaning services are examples of a single operator franchise.
An executive franchise is basically a consultancy firm. It usually involves a financial service. Accountancy or cost management are some common examples of executive franchise.
Therefore, budding businessmen should select a franchising type that meets their requirements aptly.