What is business format franchising?Business format franchising is the granting of a license by one person (the franchisor) to another (the franchisee), which entitles the franchisee to trade under the trade mark/trade name of th
e franchisor and to make use of an entire package, comprising all the elements necessary to establish a previously untrained person in the business and to run it with continual assistance on a predetermined basis.
Why franchising?The motivations for investing in a franchise are many and varied. From the desire to escape the nine to five routine, be your own boss, improve career prospects and lifestyle, to as spend more time with family and have a more flexible routine, franchising is seen as a very realistic option for many people who want to start their own business.
There are clear advantages to franchising:
- You do not have to come up with an idea – someone else has had it – and tested it too!
- Larger, well established franchise operations will often have national advertising campaigns and a solid trading name.
- Good franchisors will offer comprehensive training programmes in all business skills, including sales.
- Good franchisors can also help secure funding for your investment as well as, for example, discounted bulk-buy supplies for outlets when you are in operation.
- You will be in business for yourself but not by yourself – although you run your 'own show' you are part of a much larger organisation.
The full article contains 272 words and appears in Peterborough ET newspaper.
