Franchise businesses are actually the most common businesses that are out there. People start a franchise business because they get to use the name, business model, logo, and reputation of another company that’s already proven to be successful. That way, they don’t have to take the risk of starting a totally new business that no one has ever heard of before. There are risks in expanding any business and in franchising; your responsibility is to create a win-win strategy so that both you and the franchisees succeed.
Moreover, creating a franchise offer is entirely different to normal trading activity in relation to your original business. In fact, you are about to embark on running a completely new business, focusing on helping others to succeed in business using your model, and with your support, training and ongoing development.
Some of the biggest franchises that are out there include McDonald’s, KFC, Burger King, Subway, 7 Eleven, Pizza Hut and the list just goes on. Many of the restaurants, gas stations, and fitness clubs that you see are likely franchise businesses where each one may have a separate owner(s). The corporate office is the headquarters of the company where the owners, or franchisers, manage the overall business and all the franchisees they have given licenses to.