Reveling in the satisfaction that you’ve started a successful business is priceless, especially when your business really begins to grow and expand. One way some business owners can help this continued success is by turning their business into a franchise system. However, business owners need to understand what it means to create a franchise and become a franchisor.
What Is a Franchise?
Franchising is generally defined to mean a method of expanding a business by licensing its trademark and business system to a franchisee who pays the franchisor a fee for the right to operate using the franchisor’s business system and trademark. The franchisee conducts its business operations in accordance with standards and specifications the franchisor establishes. Along with the right to use the franchisor’s trademark and business system, franchisors will typically provide franchisees with pre-opening training, post-opening training and overall support.
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