Franchising 101: Everything You Need to Know
Franchising has long been a popular business model for entrepreneurs trying to extend their operations or for individuals hoping to launch their own firm. Under the direction and encouragement of the franchise brand, this business model lets a successful company concept be replicated. This article will walk you through what franchising is, how it operates, and the main things one has to keep in mind while joining a franchise.What Is Franchising?Franchising is a business arrangement in which the owner of a trademark, brand, or business model (the franchisor) authorizes an individual or group (the franchisee) to operate a business under that brand. In turn, the franchisee pays the franchisor an initial franchise fee and continuous royalties. This model lets the franchisor collect a p...