The biggest struggle when it comes to running a business is doing it all on your own. It can get overwhelming taking care of everything from general overview, to sales and marketing — but franchising can help! Our staff at Franchising Unlimited is breaking down what franchising is and how it can increase your productivity and growth.
Working For Yourself, But Not By Yourself
Simply put, franchising is when a company owner allows someone else (a franchisee) to do business under that company’s name. This is very similar to bringing in a partner who will sell your products or services to a certain demographic, but you as the owner still make sure your brand guidelines are followed. You are in turn paid royalties from your franchisee and can enjoy continuing growth of your business.
Roles & Responsibilities
Just because you decide to franchise doesn’t mean you lose any control. You have the authority to pick and train your own franchisee (so that he or she meets your standards) and create proper operating procedures. Your franchisee is then responsible for building and maintaining a customer base, training their own employees, promoting your products or services and uploading your standards. In short: your franchisee does business the way you wish them to!
Differences Between Franchising and Licensing
Franchising can at times sound similar to licensing, but it has many more added benefits. Licensing is exceptionally informal and provides few opportunities for proper training, support, and working relationships. By choosing to franchise, you gain a close professional relationship with someone who can be an extension for your company in an exclusive territory, running everything to your standards.
Benefits Of Franchising Your Business
This method of doing business can only benefit yourself as an owner and your company itself. Your franchisee paying royalties increases your overall profits and can expand your customer base in different locations. There is very little financial risk involved, and you can reduce your own personal capital investment, all while gaining access to the best people to carry on your trademark.
Franchising Unlimited knows you should be focused solely on growing your profits, and can offer the help you need to achieve this and to relieve yourself from professional burdens. Let us help you be successful!