For many business owners, converting an existing business into a franchise operation is the way to have the best of both worlds — the autonomy of running your own operation and the support and marketing clout that comes from being part of a national organization.
Thousands looking for franchise opportunities will flock to the International Franchise Association’s (IFA) West Coast Expo this week. For many small business owners, franchising is a lifeline in troubled times that has kept them afloat and helped them stay in business.
Franchisors generally have a well-known name that is advertised and promoted and also possess specific product or service offerings. They also have developed a blueprint for how their franchises should be operated. When you become one of their franchisees, you pay a franchise fee up front and a percentage of earnings for the right to use offer products and services under their name. In exchange, you receive back-office support, marketing assistance and, sometimes, help in securing financing. More.
