Franchising can provide an effective way to grow a business, selling the recipe for success of one company, which is then used by franchisees to set up their own business.
I set up Account Assist to expand while achieving a better work-life balance – if successful, franchising provides a real opportunity to grow your business without large financial risk and managerial headaches.
Franchising can work in a number of ways:
- Business Format franchising: A complete business package which is licensed to franchisees, allowing them to run their own business, but using your methods and…
…trading name. You then charge a fee to use this package, or take a cut of the profits.
- Selling a licence: Allowing someone else to manufacture and sell your product, but not within the confines of your business model.
- Using an agent to sell products on your behalf, or setting up a distribution agreement, whereby you sell your products to another business, which then sells on to its own customers.