Does Franchise Ownership Interest You?
Franchising is often described as a business or industry. It is not.
Franchising is a method of doing business. You can become a business owner under a franchise agreement.
Franchising has been adopted and used by a wide variety of industries and businesses as a means of efficient expansion. Under a franchise system, an individually owned business is operated as though it were part of a large company.
The parent company acts as the umbrella organization. This company authorizes the franchise outlets to use its trademark and benefit from the image of a larger organization.
Generally, the franchisor or umbrella organization will dictate standard design for business facilities; specify the use of certain equipment, products or services; and provide instruction on operating the franchise in accordance with the standards set forth for all franchise operations.
While most people think of a franchise as being product or service oriented, such as the case with fast food, restaurant or hotel businesses, franchises also are found in the wholesale and manufacturing industries.
Franchising offers many advantages to an entrepreneur…
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