4 Ways to Look at Franchising
As we find ourselves in mid-October, I am going to stay with my little theme of back to basics. I'd like to talk to you a little bit about the four ways to look at franchising.?
Franchising Options
There are different ways to look at franchising, there is a single unit, and that means you're going to own one location, and that one location is going to get you to your goals.? There are also franchises that allow you to have multi-units, where you'll have multiple locations of that same franchise, also allowing you to hit your goals.?
There are franchising options such as stacking, where you can have multi-units of different brands, from the same family of brands, in one territory.? And then there are other types of franchising where you can be an area representative. So, maybe you're going to go into a specific geography and build out multiple units over a larger geographic area.
领英推荐
Master Franchise Agreement
The last one I want to talk about is something called a master franchise agreement, and this is where you actually become a mini franchisor yourself. The brand is still there and all of the systems and opportunities to build your own franchise are still part of the parent company, but you run a location and use it to show and sell units to local people. This is a scenario where you will remain or retain a sales role in the business, but you will actually have franchisees who are taking care of that deliverable on a regular basis or a daily basis. ? Your long term role is to help them grow.
Finding Your Right Fit
The four ways of looking at franchising are single unit, multi-unit, area representative, and master development. One of these could be the right fit for you. It really comes down to your goals and what you're looking to build as you start to consider business ownership. It doesn't have to be large, and it doesn't have to be small, there are a lot of ways to look at it to make sure it's the right fit for you.?
I'd like to help you find your right fit, give me a call and let’s talk.