What is a franchise business? Franchises are agreements in which a franchiser (or owners) sell the licensing rights of parts of their business to another group (franchisees) to operate this part of the business for them. The franchisees makes any of the residual profits from owning this part of intellectual property, and they pay fees to the owners for owning this part of the business.
What do people franchise? People franchise the logo, operations, and other parts of the business to the franchisee.
What are advantages of owning a franchise? There are a lot of advantages to owning a franchise. Here are some of these advantages to owning a franchise.
1. Rapid speed of adoption of the franchise.
2. Ease of use and standard operating procedures for the franchisee.
3. Brand recognition of the franchise.
If any of these are missing with the franchise, it is probably a not very good franchise opportunity. The best franchise opportunities have all of these factors and more.
What are disadvantages of owning a franchise?
There is a lack of control and a lack of responsibility of some key component of the business. These are important factors for you to not consider a franchise.
How do you become a franchisee? To become a franchisee you often have to be vetted, and than sign a contractual arrangement that you will carry out your duties. Usually, the franchisor reserves the right to terminate this relationship at any time because of poor management.
Wow to franchise your business? I would personally not consider franchising the business and less you need to franchise the business for growth. You want to simplify your life as much as possible.
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David Maslach is a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people’s documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to ‘pay it forward’ and help other people out by creating incentives for people to give back.
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