Franchising is defined as a business model wherein the owner of the business (franchisor) gives the independent operator (franchisee) the right to distribute his products, implement his business techniques and use his brand and/or trademark in exchange for a fixed franchise fee and a portion of the gross income (royalty fee, advertising fee, etc.).
What makes this business model so attractive is that it takes all the guesswork out of the equation and provides the franchisee with the proven formula and the exact system for a successful business endeavor. So, if you’re going to be a franchisee, you just need to follow the franchise’s exact system and you’re on your way to guaranteed success. Now, that means cutting your risks significantly and protecting your hard-earned money!
If, and when, you decide to go into franchising, there are several things that you need to do to further increase your chances of success. With the wide variety of franchise opportunities available, you need to decide which one is right for you, learn how to choose a viable franchise, and then know the basic steps in getting one.
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