Franchising your Business
Franchising offers many advantages over other forms of business expansion.
Franchising as a method of doing business has many of the qualities sought by leading businesses. In fact, many conglomerates have adopted franchising as a means of developing / sustaining valuable markets for their products and services.
Franchising reduces personnel requirements – each outlet is a self-contained business. The franchisor receives regular reports from the franchisees, and supplies support as required.
Franchising is a knowledge-based business – franchising requires businesses to capture their specialist knowledge within franchise manuals. By documenting their specialist knowledge, franchisors have not only defined their intellectual property, but they can also realise its value by licensing the intellectual property to franchisees.
Franchising is a synergistic network of enterprises – franchising allows individuals dispersed over a wide geographical region to pursue common goals. By co-ordinating purchasing, accounting and marketing procedures, franchising allows small businesses to enjoy the benefits normally only realised by large conglomerates.