The definition of a Franchise business is simply a written agreement granted by a parent company to an individual, married couple or group, enabling them to carry out specified commercial activities. The activities are usually based in the sale of a product or service to an end user in the franchise buyer's or franchisee's designated territory. 4,000 franchise opportunities exist in the United States spanning upwards of 90 different business segments.
A short list of some segments are fast food, of course, health, beauty, fitness, wellness, automotive repair, hotels, cleaning services, maintenance for buildings - residential and commercial, trash removal, painting, flooring, driveway repair, computer sales and repair, tree removal, portable toilet renting, business to business sales, training, payroll, recruiting, tutoring, swimming lessons, pool and spa services, haircare, nails and waxing, eyelash extensions, even Axe throwing, to site a few categories.
There are many myths and misunderstandings that surround franchising. Common misconceptions are that one million dollars are need to start a business. That is not true. Actually, you may buy into certain industries for $10,000. Some feel that a franchise is an authority over the franchise owner. To an extent that is true. However, it's a true symbiotic relationship. It behoves the franchise parent to help the franchisee because the more money the unit makes, the more the franchise company makes. Another point to consider is that opening a franchise is not just about the person opening the business. But that new unit will be a tax base for that county and local area. A new unit will create an average of 10 new jobs and 10 other jobs indirectly through suppliers. It's a great little economic engine for the local economy.
I have had great success in my first franchise and also failed miserably with my second concept. At The Franchise Academy I share articles and use my website and podcasts to help folks not make the mistakes that i made. So, use my information freely to get educated about the franchise industry. This information is best suited for individuals who are frustrated with their career, laid off and do not want to be party to the rat race any longer. In addition, people who are happy in their position but would like extra income or a plan "B" in case something happens to their job, have found our content useful.
A franchise is a business with training wheels. The parent company, typically in exchange for fees, will help the franchise owner every step of the way with everything that someone would need in a business whether it is a franchise or not. Everything is included from public relations to digital marketing to your website development. However, franchising or business ownership is not for everyone. Be sure to turn over every stone and do the deepest due diligence possible.