Franchises

What is a Franchise all about?

• A Franchise is any business arrangement in which the owner of a trademark, tradename or copyright has licensed others to use it in selling  goods or services.
• A Franchisee (a purchaser of the franchise) is legally independent but economically dependent on the intergrated business system of the Franchisor. 
• A Franchisor is the seller of the franchise.

Advantages of Franchising

• Training and guidance: In most cases, the Franchisor offers a reasonable amount of training and guidance on how to run the business, success strategies and much more.
• Brand-name appeal: if the franchise has existed for a quite a long time, the name will make the business sell. Since people trust the name and its products, the business has a higher chance of being successful. 
• A proven track record: Since the business has been known over time and it has been successful, that means the franchise has a higher chance of succeeding.
• Financial assistance: Financial assistance is given to the Franchisee by the Franchisor such as capital to start  up the business or even continual financial assistance to run the business.

An example of a Franchise in America

Dunkin' Donuts is an example of a Franchise in America...

An example of a franchise in Nigeria

Kentucky fried chicken is an example of a franchise in Nigeria