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Franchising Taking on a franchise is an option worth considering for anyone who wants to run a business but doesn’t have a specific business idea or prefers the security provided by an established concept

Franchising The right franchise can give you a head start. Instead of setting up a business from scratch, you use a proven business idea. Typically you trade under the brand name of the business offering you the franchise, and they give you help and support

Franchising A true business format franchise occurs when the owner of a business (the franchisor) grants a licence to another person or business (the franchisee) to use their business idea. Shakeaway

Franchising In return, the franchisee usually pays an initial fee to the franchisor and then a percentage of the sales revenue. The franchisee owns the outlet they run, but the franchisor keeps control over how products are marketed and sold and how their business idea is used.

Advantages Business is based on a proven idea Use a recognised brand name and trade mark Benefit from any advertising or promotion by the owner of the franchise Franchisor gives you support – including training, help setting up the business, ongoing advice

Disadvantages Costs may be higher than you expect – initial cost, continuing management service fee, buy products from the franchisor Includes restrictions on how you can run the business Franchisees could give the brand a bad reputation

A FRANCHISE is the legal right to use the brand name, products and business style of an existing business A FRANCHISOR is the owner of the brand name, products and trading style, who licences to the franchisee the right to use these A FRANCHISEE is the individual or firm who buys or leases the right to use the brand name, products and trading style developed by the franchisor

KEYWORDS FRANCHISE FRANCHISOR FRANCHISEE

Stephen Halpin – Boots Optician Franchise “Don’t assume a franchise is an easy risk-fee option – you’ll be running your own business with all the responsibility and hard work that entails Use professional advisers and make sure they’re franchise specialists”