A franchise is a business relationship whereby, in return for a franchise payment or royalty fees, a business gets access to the proprietary knowledge, processes and trademarks of the franchisor, allowing them to market themselves and sell products or services under their name. In the US, franchises are big business, with almost 800,000 franchises across the country, employing over 8 …

A franchise agreement is the legal contract between the franchisor and franchisee that outlines the rights and obligations of both parties and, in general, forms the legal basis for the franchise relationship. While franchise disclosure documents (FDD) are governed by the FTC and provide a set amount of information, there is no such thing as a ‘standard’ franchise agreement, as …

Franchise marketing occupies a unique position in the world of small business marketing. In most franchise systems, the franchisor will be in charge of marketing for the entire brand, with individual operations paying a set fee into this marketing fund. The benefits of this are that a local franchise can get the name recognition of a national advertising campaign, making …

Owning your own business brings with it many advantages. You get to take control of the decision-making, the direction of the business, how it’s presented and also what your schedule looks like so you can do more of the things that matter to you. Another of the most significant upsides of business ownership is the tax deductions you can receive …

Starting any new business will entail risk, which is also true for opening a franchise. Trends might change, and your sales drop through the floor, a multitude of competitors open up in your area, your business might not make enough money to pay back your financing, or extremely high inflation springs up, meaning your costs rise and your customers can’t …

Before investing in any business opportunity, it makes sense to do your due diligence to make sure you know what you’re getting into. The world of franchising is just the same, but conducting franchise due diligence can be quite a bit different from starting or investing in a standard small business. Franchise systems will have more restrictions on possibilities but …

A major factor in the success of franchise businesses and what sets them apart from the standard business model is the relationship between franchisor and franchisee. This teamwork can elevate a franchised business to another level, providing it with much-needed training and support, both in day-to-day operations and while looking at the bigger picture of running a business. As a …

Starting any franchise, or business in general, you set out to make it a success. This will be your livelihood that looks after your family and will be where you spend a large part of your waking hours. Putting so much of yourself into your franchise, you want to see it grow and be proud of the service you deliver …

Building a successful franchise operation depends on your own hard work and good forward planning. A big part of that forward planning goes into deciding what exactly your franchise will do and what niche it’s going to be in. Not finding the right niche for you or what your target markets need can mean that whatever work you put into …

What is a Franchise Business Plan? A highquality franchise business plan is important for a number of reasons and will be the first significant step you take towards opening your own franchise business. A franchise business plan outlines what you’ll be doing, who you will compete against, and how your business will make money. According to the Small Business Association, …