Franchising
Franchising is rightly recognised as an excellent way of doing business. Many of the most successful names on the high street are franchise driven. Think franchises and think of: SUBWAY, SNAPPY SNAPS, PRONTAPRINT, DOMINOS, PLUMBFAST, GREEN THUMB, TAXASSIST ACCOUNTANTS, OVENCLEAN.
Articles:
- Turning your business into a franchise
- Reviewing your franchise agreement
- Buying a franchise business
- Choosing the right franchise for you
Bite-Size Guide:
If you have a successful business which revolves around a strong business model, but which you want to grow quickly, then franchising your business to others may be the perfect solution.
Alternatively, if you are looking to start up a business, but want to adapt a tried and tested business method and want the security and support of a successful business operator by your side, then buying an existing franchise business might be your best bet.
"Business format franchising", to use the legal term, is a method of starting a business which minimises risks by replicating a "business formula" which has proven to be successful time and time again.
This basically means that the company wishing to franchise puts together a complete business package, including a brand, business model and a detailed method of carrying on the business. This 'format' is then licensed to franchisees. They run their own businesses, but use the already established methods and trading name.
The statistics bear out that franchising remains incredibly popular in the UK, not least because the failure rate among franchise businesses is under 10%, compared to some 80% for non-franchised businesses. The reason for this is simple enough: it is easier to replicate success than to reinvent it each time.
People who read this also read:
- Starting a business
- Buying a business
- Shareholders Agreements
What to do next:
Need to know more? Read our articles to find out more about setting up a franchise or taking on franchisees. If you don't have a suitable franchise agreement it may be time to do something about it. Contact the Pictons Team to talk about the solutions to your franchise questions.