If you’re new to franchising, this quick introduction should give you a basic understanding of the concept, the variety of franchises available, and what you’ll need to rapidly replicate a proven successful business with the support and branding of a national organisation.
How Franchising Works
Franchising is a ‘business marriage’ between an existing business (the franchisor) and an individual (the franchise owner).The franchise owner buys licensed rights to clone the franchisor’s business concept in a specific territory for a specified period, backed by full training and support from the franchisor.
The franchisor provides a ready-made, established and tested business format including name, corporate power, know-how, training and ongoing support services. Investing capital, time, effort and any relevant past experience to create their business, the franchise owner replicates the franchisor’s business formula/system, gaining a safer, more structured, brand-led way of moving into independent business. Read more.
