The lure of franchise ownership can be a heady experience. You imagine the thrill of being your own boss, creating wealth for yourself instead of someone else. But you don’t want to enter the search process unprepared, susceptible to mistakes.
Read More »There are many good sources of information about franchise opportunities. For most people, the process that makes the most sense is to first make sure you understand the business model of franchising. After you’re clear on what franchising is all about, then you can try to identify industry segments that may be of interest to you. Finally, you can research individual companies to see which ones match best with what you are looking for in a franchised business opportunity.
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Taco Bell is executing a large expansion across the United States and is looking for Franchise Owners. Whether you like Taco Bell's food or not, it's a good food franchise to own, if you're interested in food concepts.
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September 13, is National Franchise Day. It’s not nearly as significant as President’s Day, Martin Luther King Day or national pancake day - when everyone gets free pancakes at IHOP, but it’s important, nonetheless.
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Franchise Definition
fran·chise noun \ˈfran-CHīz\
1 : freedom or immunity from some burden or restriction vested in a person or group
2a : a special privilege granted to an individual or group; especially the right to be and exercise the powers of a corporation
b : a constitutional or statutory right or privilege; especially the right to vote
c (1) : the right or license granted to an individual or group to market a company’s goods or services in a particular territory; also a business granted such a right or license (2) : the territory involved in such a right
3a : the right of membership in a professional sports league
b : a team and its operating organization having such membership1
Word Origin and History
Franchise: n.
late 13c., from Anglo-French, from franchir to free, from franc free,
“franchise” freedom, exemption; right, privilege (12c.), from variant stem of franc “free.” Usage narrowed in 18c. to “particular legal privilege,” then “right to vote” (1790). The meaning “authorization by a company to sell its products or services” was established in 1959.1
Trivia:
The first franchise business was the Singer Sewing machine in 1851.
Some people claim that the franchising model doesn’t work. Some people almost equate the industry to a pyramid scheme. Before you think that, consider the following facts reported by the International Franchise Association, www.Franchise.org:
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850,000 – the approximate number of franchised units in the United States.
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18,000,000 – the number of people employed by a franchise operation
nationwide. The franchise industry is the second largest employer by
industry, second only to the United States Armed Forces.
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$2,100,000,000,000 ($2.1 Trillion) – the economic output of the franchise
industry annually.
Do not misunderstand the facts. Plenty of people fail in franchises. Blame can be placed on a number of factors—undercapitalization, bad location, poor support from the franchisor, a bad franchise agreement that doesn’t allow the franchisee to make money, bad unit management. The list goes on. However, if you consider each of these issues, almost all of them relate to a poor franchise company. Even if a franchisee is undercapitalized, that falls on the franchise company. The company should have not awarded the person a franchise license.
Have you ever heard the saying, "If you love your work, you'll never work a day in your life?" That may be true if you work a job and build someone else's dream. However, if you want to control your destiny through business ownership you do not need to have a passion for the product or service that you provide. I know that sounds counter intuitive but it's true.
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If you’re thinking about buying a franchise, chances are you’ve considered one or any number of food franchises, and for good reason. Fast food franchises have changed the way America eats and are among the oldest and biggest franchises in the U.S.
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