Business format franchising quite simply is the documenting and replication of a proven business formula. In order to franchise a business it must not only be successful but remain established over a period of time.
The method by which the business suceeds should be written down in an operations manual and the brand protected by way of trademarking. This becomes the core of the franchise; its know-how and intellectual property. This is the critical formula as to how a market can be accessed and return a profitable business for those who follow it competently.
In essence is it the fundamental difference between running a Domino's Pizza or a Joe's burger joint. The brand of the franchise should be well recognised, with tried and tested support systems in place, and therefore be more likely to succeed.
The franchising industry has doubled in size over the last decade and has added over £10 billion to the UK economy. Interestingly, the only recognised industry survey conducted by the BFA and NatWest Bank reveal a consistent figure of around 90% of owners who are running self-employed franchised businesses being profitable year on year.
If you are interested in finding out more about franchising, check the British Franchise Association website or the many franchise directories that can be found online which can offer a range of options to match your budget and needs.
The method by which the business suceeds should be written down in an operations manual and the brand protected by way of trademarking. This becomes the core of the franchise; its know-how and intellectual property. This is the critical formula as to how a market can be accessed and return a profitable business for those who follow it competently.
In essence is it the fundamental difference between running a Domino's Pizza or a Joe's burger joint. The brand of the franchise should be well recognised, with tried and tested support systems in place, and therefore be more likely to succeed.
The franchising industry has doubled in size over the last decade and has added over £10 billion to the UK economy. Interestingly, the only recognised industry survey conducted by the BFA and NatWest Bank reveal a consistent figure of around 90% of owners who are running self-employed franchised businesses being profitable year on year.
If you are interested in finding out more about franchising, check the British Franchise Association website or the many franchise directories that can be found online which can offer a range of options to match your budget and needs.
About the Author
Nick Strong is MD of Select Your Franchise and a leading Franchise Expert in the UK Franchise Market. Read more in Nicks Franchise Blog or visit our Franchise Opportunities site to find out more about Select Your Franchise.![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=2e1dd5a1-258b-4a27-a5ee-a211384eae67)