McDonalds is an excellent example of the potential of franchising. The well-known brand started out as a humble hamburger restaurant and eventually grew to become a global presence. Today, it's considered one of the most successful and recognisable franchises in the world with a presence in over 119 countries. The company sells an average of 75 burgers every second, that's how successful it is today.
Trading business are usually B2B establishments like importers and wholesalers. They supply products to other businesses or large-end customers and keep them in stock. They're not always B2B enterprises because some trade businesses do sell directly to the customers, but they profit more from large scale bulk orders. Many people are under the impression that trade businesses can't be franchised or aren't a good option for franchising.
Franchising is very popular amongst food business owners and with good reason. It's relatively easy to set up, the upfront investment is low, and there's great potential for growth and success. This is illustrated by the global success of food business franchises like McDonalds, Starbucks, Pizza Hut, etc.
Franchising is a great way to expand your business and gain profits on low investment. Most people assume that you can only franchise a fast food chain because they're the most visible franchise opportunity.
It’s easy to become confused between franchising and licensing because on the surface they sound remarkably similar. When you delve deeper, you’ll notice there are many key differences between the two, than can impact the manner in which your brand is used and how much control you have over it.
Franchising is an excellent way to expand your business and increase the visibility for your brand. With very little investment, you can set up stores or business establishments in several different locations. However, it's not a completely risk-free venture.
A mobile business, as the name implies, is a business that keeps moving. You don't have a physical location where you can set up shop permanently and run your business. In this model, you're free to go where the customers are and that can be very profitable.
Many people have started to work from the comfort of their home because it allows them to spend some time with their family, reduce their overall expenses, and the level of stress. Studies show that people who work from home have higher job satisfaction and work-life balance rates.
It's a very common myth that only large companies and establishments can franchise their business. Most business owners believe that they need considerable amount of resources and finances to start a franchise, but that's not true at all.
Franchises are not as easy to manage as they sound. People consider them a shortcut to growth, and in many ways they are that; but that doesn’t mean the road is easy or completely risk-free. In fact, maintaining a successful franchise business requires considerable amount of effort, time, and patience.