As an aspiring entrepreneur, you’ve got a lot of research to do – and we’re here to help. There’s a lot to learn about the world of business ownership, and the franchise model is no exception to the rule. Let’s dive in.
How does franchising work?
Franchising is a model for business expansion based on an agreement between a brand or company, the franchisor, and a business owner, the franchisee. To put it in its simplest terms, a franchisee pays a fee and agrees to follow the processes and methods the franchisor has established for their system, and the franchisor allows the franchisee to open a business selling their products and services and using their name, proven systems and operations.
And the industry is growing
Now that there are franchised business in 80+ industries, there’s something for just about everyone. And that’s led to some pretty big growth.
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$713+ billion
industry output -
7.9 million
workers within the industry -
745,000+
franchise establishments