Is a franchise business right for you?
If you are thinking about starting a business one of your options is owning a franchise.
Here are some popular franchise businesses:
- Anytime Fitness – 2,500 clubs with more than 1.9 million members.
- Hampton Hotels – More than 1,900 locations worldwide.
- Subway – Over 40,000 locations.
- Supercuts – More than 2,300 locations.
- 7-Eleven – Over 51,000 stores globally.
And, the list could go on and on. There are more franchises you can imagine in every possible service and industry. It is a model that works.
There is no doubt that owning a franchise is working for many entrepreneurs. Whatever industry you are interested in there is a good chance that there are franchise opportunities there. There are franchises in the food, healthcare, automobile, hardware, business services, and everything in between. According to the International Franchise Association (IFA) there are more than 780,000 franchise establishments that employ close to 9 million people.
What is a franchise? A franchise is an agreement between two parties which gives a person (franchisee) the right to market a product or service using the trademark or trade name of another business (franchisor).
Common franchise opportunities
Business format franchises are the most common. This type of franchise offers a complete business method including product / service, trademark, systems, policies, and procedures. It is a complete turnkey business. Very little left to the imagination.
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