Basics of franchising

When a company entitles an individual to sell that company’s products and services for a particular amount, it is called franchising. There are various factors that decide the success and failure of a franchise and its franchisee (an individual who owns a franchise). It is not just about taking a brand to the people but also about doing it the right way. Therefore, it is essential to know everything about franchising before taking a plunge into the venture.
Before taking up a franchise, there are certain franchising facts you need to be familiar with. Here are the top 4 facts you must know about franchising.

• What is franchising?

Franchising can be defined as the process of transferring the rights to sell a company’s products or services to any person and gain a share in profits or charge a particular fee in return. However, this not only requires a willing individual, but also a place to set up a franchise, and initial investment regarding the location, buying products and services and other expenses.

• Why franchise?

Taking up a franchise might prove to be simpler than starting a business from the scratch. As the product being sold at the franchise will have a market, an established brand and already existing customers to begin with. Starting a business brings in more risks than owning a franchise, as starting problems would be already taken care of by the business owner.....read more

 

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