Franchise Ideas You Can Try

We will start by defining what a franchise is. Well, it is an agreement or a license between two people or a group of people who have been given the right to market a product or a service using the trademark of another business entity or the franchisor. The franchisee has the right to sell or market the product or services using the methods of the franchisor. The franchisee has the duty to pay the franchisor some amounts of money or royalties in exchange for these rights.

There are mainly two types of franchise; Business format and product and trade name franchising.

1. Business format franchising

The franchisee is allowed the use of the franchisor logo as well as the whole system of doing business. The franchisee pays an up front franchise fee and agrees to pay continuing royalties to the franchiser that help the franchiser provide research, development and support the whole system. There are various examples of this type of franchise,

* Fast food restaurants-Franchisor provide with the interior layout and design, hiring and training of staff, advertising and marketing, product supply and many other services to make the business sound.

* Automotive services

* Estate agents

* Convenience stores

* Recruitment agencies

* Hairdressers and many other franchisee businesses

2. Trade name franchising

Using marketing materials and logos generated by the franchisor to create an instant brand and therefore hopefully, instant business. This type of business model has been very successful for people like McDonalds and KFC. Ultimately the price to pay for an instant business is much higher and getting that kind of guaranteed income through a brand name can cost dearly on an ongoing basis.

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Franchise Ideas You Can Try