What makes a franchise business?
Nick Strong - Franchise recruitment advisor
A franchise business is essentially the documenting and replication of a proven business formula. In order to franchise a business it must be successful and have a good trading history under its belt.
The method by which the business achieves success should be documented in a manual of operations and the brand protected by way of trademarking.
This is the franchise system’s “intellectual property” or know-how. This is the all important process by which the target market can be exploited and returns a effective business for any who follow it energetically.
Typically is it the contrast between running a Dominos Pizza or a Joe’s burger joint. The brand of the franchise should have high public profile, with certified systems and back up, and consequently be more probable to succeed.
The franchising industry now contributes over £10 billion to the economic system in the UK and the has doubled in size over the last decade and has has brought over £10 billion into the UK economic system. In fact, successive British Franchise Association/NatWest Annual Surveys expose a dependable figure of around ninety percent of owners who are operating self-employed franchised businesses remaining profitable year on year.
Curious to find out more about franchising?, go to the British Franchise Association website or look at one of the many franchise directories that can be found on the web or relevant franchise publications.
Tags: franchise, franchise business, nick strong
February 18th, 2010 at 10:02 pm
Thank you for your great post, I’ve never really posted here before so i wanted to say thanks and keep up the good work.