When you think about famous, fast-food outlets you probably come up with names such as McDonald’s, KFC, Subway and Domino’s. What do all these eating outlets have in common, they are all built on the Franchise My Business model. Of course there are many other success stories, coffee chains like Starbucks, retail brands such as Ace Hardware, and Hotel Options like Hampton by Hilton. The Franchise My Business model can be difficult to explain but put as simply as possible, it is a basically a business partnership, where an established company (the franchisor) grants a license to an independent operator (the franchisee) to use its brand, products, and business model in exchange for an initial fee and ongoing payments, called royalties.
Benefiting from the franchisor’s established brand name, training, and marketing, the franchisee receives essential support, including comprehensive training, marketing assistance, and sometimes a supply chain, while the franchisor expands their business quickly without managing each location directly. This proven, effective, Franchise My Business working model, is ideal for entrepreneurs looking for a proven business system and established brand, or individuals with a strong desire to own their own business but who prefer a lower-risk path to success. The small independent business owners with a proven working model can also benefit from Franchising because it offers them the ability to grow their business faster and with less capital than if they expanded it themselves.