LOS ANGELES - March 20, 2021 - What is a Franchise?
A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand's trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system. Technically, the contract binding the two parties is the "franchise," but that term more commonly refers to the actual business that the franchisee operates. The practice of creating and distributing the brand and franchise system is most often referred to as franchising.

Advantages of Owning A Franchise
- Fast Start - you can bypass the "writing a business plan" phase of your business and hit the ground running. The business model has already been proven.

- Name Recognition - with most traditional franchises the brand has already been established. This overcomes a tremendous hurdle in starting a business.

- System in Place - with most franchises there is already a system in place that you simply follow. This can make it easy and help you traing employees.

- Promotions - there is usually an advertising program already in place. This may include TV, radio, or online promotions. The franchise can provide support and suggestions for your specific location.

DisAdvantages of Owning A Franchise
- Price Tag - franchises can be expensive! There is also a royalty fee and other startup expenses involved.

- Rules and Regulations - you'll be required to follow the rules, regulations, system operations, and directives of the franchise. Often you may not agree with these guidelines.

- Royalty Fees - many new franchise owners don't understand that you'll also continue to owe your franchise royalty payments for using their name and system, and will have to contribute to marketing and advertising costs at their discretion.

- Brand Reputation - any issues that brand runs into affects your business outcomes. If a scandal rocks the national office, or another franchisee gets bad publicity, your business can be affected.

- Contracts - there are conditions and lists all the things you can and cannot do as a franchisee. Break one of those many requirements and you could lose your business altogether.

Click the link below to continue reading 7 Franchises That Can Be Run Part-Time From Home ( How to run a franchise part-time from home while working full-time)

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