Franchising is a business model in which a company (Franchisor) grants the right to use its business concept, brand name, and operating systems to another individual or group (the franchisee) in exchange for a fee and ongoing royalties.
Franchising allows the franchisee to operate their own business under the established brand and operating systems of the franchisor, while receiving training and support from the franchisor. In return ,the franchisee agrees to follow the franchisor’s business model and to pay ongoing fees and royalties for the right to use the brand name and operating systems.
Turning your concept into a franchise business
Franchising a business offers several advantages for both the franchisor(the company that grants the franchise)and the franchisee(the individual or group that operates the franchise).Some of the key reasons for franchising a business include:
Rapid expansion/Reduced Risks/Increase Revenue/ Brand Recognition/Training and support.