Buying a franchise guide
Posted: Sunday September 29 2019
By: Abbie Coleman
Needle Partners have put together a buying a franchise guide to help anyone who is looking to buy a franchise in the next year. Buying a franchise can be a great way to start a business without having to come up with an idea or brand from scratch. An established franchise network will allow you to piggy-back onto somebody else's concept and business structure and benefit from their experience.
Franchising opportunities exist across a wide range of business activities from coffee shops, fast food businesses, and cosmetic companies through to cleaning services…
By Sharon Needle of Needle Partners
But how does franchising work?
Franchising is setting up a business under a licence from a franchisor (who can be a person or company but is typically a company) so that you carry out a business based on a model and concept that the franchisor has already established.
In practical terms it means that your business operates under the franchisor’s organisational umbrella for a fixed number of years and uses its branding, business model, knowledge, expertise and ideas in exchange for monetary consideration in the form of an initial franchise fee and ongoing fee(s) which are typically based on a percentage of your business turnover. The person (an individual or company) that takes on the licence to do this is known as a franchisee.
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