A franchise unlike other businesses needs to have special ingredients. These include an easily duplicated business model, decent profit margins, strong brand name and future potential for growth. If these ingredients are in place then it becomes easier to recruit the ideal franchisees.
A business can only be franchised if it is possible to train franchisees how to manage their territory successfully. If specialist skills are required then it becomes harder to franchise. As things currently stand, it is extremely difficult to recruit intelligent and hard working people without adding any extra burdens on the franchise selection team.
A Franchise Business generally requires larger profit margins than normal. This is because the profits have to be shared between franchisee and franchisor. The franchisors share is normally between ten and twelve percent of turnover which is a huge chunk when calculated as a percentage of profits.
A strong brand name is essential for success. The franchisee is not only buying into the business model but paying a franchise fee based on an easily identifiable and distinctive brand. The business name, logos, mission statements and...
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