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Why Do Franchise Owners Pay Franchise Royalties?
A franchise owner is a person who gives his right of marketing and selling, to a third party (franchisee) under his trademark label. The franchisee will continue his business of marketing and selling Read more...
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It may take some labor to find the right franchise so don't throw in the towel. There are a number of sources for the information you will need before selecting the right franchise. It may take some Read more...
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Exploring The Franchise Option
By Ford R. Myers
In today’s challenging economy, many people feel that they have lost a sense of control over their careers. Widespread corporate layoffs and downsizings have made the job market a tenuous environment in which to build a solid future. As a result, a growing percentage of executives are turning to entrepreneurship as a viable alternative.
Indeed, one of the best ways to gain more control over your career is by owning your own business. Your options include: (1) becoming a consultant; (2) starting a business “from scratch;” (3) buying a franchise; and (4) buying a non-franchised business.
Of the people who have elected to pursue the “entrepreneurial option,” most have invested in franchises. Franchising has never been more popular, and the range of opportunities has never been broader. Owning a combines the stability of a proven business model with the independence and income potential of self-employment.
Joining with an “established business system” is generally comfortable and familiar for executives who have spent their careers within corporations. It is important to understand, however, that acquiring a is NOT “just buying a job.” When you purchase a franchise, you OWN the business.
Such notable publications as Business Week and The New York Times have recently published articles stating that franchising may be the BEST option for mature executives who have been displaced, but who are not ready to retire!
In order to make an intelligent determination as to whether ownership would be right for you, it is important to first gain a basic understanding of the industry and the opportunities it affords.
What is Franchising?
According to the International Association, the leading professional organization in the industry …..
Franchising is a method of distributing products or services. At least two levels of people are involved in the system: (1) the franchisor, who lends its trademark or trade name and a business system; and (2) the franchisee, who often pays a royalty and an initial fee for the right to do business under the franchisor's name and system. Technically, the contract binding the two parties is the "franchise," but that term is often used to mean the actual business that the franchisee operates.
Franchising is also known as "a continuing relationship in which the franchisor provides a licensed privilege to do business, plus assistance in organizing, training, merchandising and management, in return for a consideration from the franchisee."
History of Franchising
The concept of franchising was born centuries ago. During the Middle Ages, local rulers granted to their subjects rights pertaining to specific activities, such as holding fairs or hunting on the ruler’s land. Later, monarchs granted similar rights on a larger scale, such as building roads or brewing ale. The Church granted the same kind of commercial interest when it allowed its tax collectors to retain a portion of what they collected.
In the middle of the 19th century, the Singer Sewing Machine Company began granting franchises for distribution of its sewing machines. By the beginning of the 20th century, the emerging automobile industry and the increased demand for local dealerships was contributing to the growth of franchising.
The modern age of franchising began in earnest around the middle of the 20th century, when Ray Kroc bought the rights to a California drive-in restaurant owned by the McDonald brothers. The success of McDonald’s franchises led to explosive growth in Business Format Franchising. The increased standardization of operations
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