May EA preview: Franchise your business

Owners and providers of franchises gather for the International Franchise Association's annual convention.  -IFA photo

Owners and providers of franchises gather for the International Franchise Association’s annual convention. -IFA photo

Fast Forward in the May issue of Electrical Apparatus Magazine will give you a few reasons to consider the franchise business model. With a history that dates back to the 1850s when Isaac Singer implemented the process to his sewing machine business, franchising is when a one company or individual (a franchisor) gives another individual (a franchisee) the right to carry on its name or trademark at a location or within a territory, for an agreed upon term. The franchisee is granted a license to use the franchisor’s signage, resources, marketing materials, and other tools in accordance with the guidelines in the contract

The benefits here are two-fold. Franchisors have an additional income source through franchise fees and royalties. Also the franchisor is allowed to expand their brand by increasing the number of locations. For the franchisees, the process means lower financial risk when compared to starting their own businesses. They have the opportunity to run a proven business with a recognized trademark.

The May issue will have more on this topic including success stories and tips to get a franchise off the ground!

-Bill O’Leary

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