What is Franchising? Franchising is about companies that have long been established and are successful in their own rights.
It is about taking each working business model and documenting it for replication for setting standards in every single aspect of the operations. From inventory down to time keeping.
Buying into a franchise does not necessarily guarantee success.
Processes are taken cared of by operating manuals, but, like any other business, having a franchised business means following all the rules with no exceptions whatsoever, and being on top of the goings on at all times.
One of the great things with franchising is there is no more guess work. Operating manuals have the answers and procedures for a complete turn-key business.
The majority of franchise companies are in the service industries like food, automobile care, and some other service industries. This entails that the franchisee is a people person.
Franchising fees and initial investments may vary depending on brand. There will always be one that would be just right for the budget.
In a nutshell, buying a franchise means buying into a business that has been around for quite some time and has had successes. This, however, does not mean all franchisees are successful. It would depend on a lot of factors like market demand, location, and management. Franchising is not for business people who want to apply their own business practices without consultations with the franchisor. Buying into a franchise is like buying a car, how long your car lasts depends on how you drive and maintain it.