When you want to start your own business being a part of a big established company then you should opt for taking a franchise. A franchise is like individually owned business is operated as a part of a large chain. The products, service and their cost are standardized. The parent company (franchisor) gives the right to the individual dealer (franchisee) to market the product, service, use the franchisor’s trade name, trademarks, reputation and way of doing the business. In return, the franchisee agrees to pay a fee or percentage of gross sales to the franchisor.
There are some advantages while taking a franchise.
• You can save time, money, and work that goes into the start-up phase.
• You are starting a business which is already been accepted by the customers
• You can utilize the parent company’s marketing campaign.
• You will get training and management assistance by some experienced person in your business
• You will be guided even in day to day operation
• It will minimize your risk.