Wednesday, 01 August 2018 20:26

A franchise - is it a good idea for starting your business?

Entering the market with a new brand can be risky. This is one of the mains reasons why young people who want to open their own business often give up. However, there is another possibility. You can set up a new company using the experience of another brand. This is called a franchise. What exactly does this involve and in what industries can a company be established as part of a franchise?

 

What is a franchise?

A franchise is a system for the sale of goods or services, and even technology, within which two types of entities independent of each other - a franchisor and a franchisee - cooperate with each other. The franchisor provides the franchisee with the opportunity to open a new company under the name of his brand. He also shares his knowledge, often offering specialised training courses. Under the franchise agreement, the franchisee is obliged to pay the applicable fee, which is charged for the possibility of using the privileges obtained in the framework of cooperation with a large and well-known brand. As a rule, a one-time fee is paid for joining the brand, and then a percentage from the sales profit.

In which industries is it possible to open a business as part of a franchise?

ranchise opportunities in the UK are now available in an increasing number of industries, which until recently were not associated with franchises at all. Most often, these offers can be found in the catering and food industry. There are plenty of restaurant chains that are known not only in the UK but also around the world. Currently, more and more franchise networks are also opening up in the beauty and fitness industries, as well as in the automotive industry, which includes not only car dealerships, but also gas stations and auto repair shops. Franchise networks in the gardening industry are also relatively new.

 

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