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By: Arlette Measures
Important Facts About Franchises

Investing in a franchise can be a relatively quick path to business ownership. The decision to purchase a franchise involves many factors. Doing your homework first will help you gain a solid understanding of what to expect as well as the risks that could be involved. This guide is designed to help you weigh the pros and cons of owning a franchise and will provide tips on choosing the right franchise if you do decide that a franchise is your best option for starting a business.

Important Facts About Franchises A franchise is a business model that involves one business owner licensing trademarks and methods to an independent entrepreneur. Sometimes, franchises are referred to as chains.

There are two primary forms of franchising:

1. Product or trade name franchising, in which the franchisor owns the right to the name or trademark and sells that right to a franchisee.

2. Business format franchising, in which the franchisor and franchisee have an ongoing relationship, and the franchisor often provides a full range of services, including site selection, training, product supply, marketing plans and even help in getting financed.

Key Benefits of Owning a Franchise

Franchising can be a great alternative if you want to have some guidance in the start-up phase of the business. When you pay the franchise fee and you get a format or system developed by the company (franchisor), the right to use the franchisor’s name for a limited time, and assistance. For example, the franchisor may provide you with help in finding a location for your outlet; initial training and an operating manual; and advice on management, marketing, or personnel. The franchisor may provide support through periodic newsletters, a toll-free telephone number, a website, or scheduled workshops or seminars.

Franchisor and franchisee have an ongoing relationship, and the franchisor often provides a full range of services, including site selection, training, product supply, marketing plans and even assistance in obtaining financing. Buying a franchise may reduce your investment risk by enabling you to associate with an established company.

Name recognition is another important advantage a franchise can offer. Buying a franchise gives you the right to associate with the company’s name or brand. The more widely recognized the name, the more likely it is to draw in customers.

Many franchisors operate well-established companies with years of experience both in selling goods or services and managing a franchise system.

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