14 Jul FRANCHISE SPEAKERS AND FUTURISTS: WHY BECOME A FRANCHISEE OR WORK WITH A FRANCHISOR?
Looking for franchise speakers for keynote or virtual speaking presentations, or futurist consultants to help steer the future of franchisor business models? We don’t blame you – but let’s rewind for a second and explain things to those outside the field who don’t know how the industry works.
For starters, as franchise speakers often remind, it helps to know that a franchise is a business model where a franchisee purchases the rights to use an existing business’s trademarks, products, services, and entire business system. The franchising company is called the franchisor.
A few things you’ll want to note when it comes to franchises:
- The franchisor allows the independent franchisee to operate under their brand name, sell their products, and use their business system, in exchange for an upfront fee and ongoing royalty payments.
- Becoming a franchise can allow for rapid expansion and distribution of products/services. The franchisor provides training, support, and their proven business model, as franchise speakers would tell you.
- Those thinking of becoming franchisees benefit from an established brand, systems, and support while retaining control over their unit’s daily operations.
- On the flip side (like we often note as franchise speakers), leading franchisors benefit by expanding their brand and distributions quickly with minimal capital investment.
- These sorts of business arrangements are common in restaurants (McDonalds, Subway, Burger King, Wendy’s etc.), hotels (Hilton, Marriott, Hyatt, IHG, and so on), retail (7-Eleven, Ace Hardware, and so on), services (Jiffy Lube, RE/MAX etc etc), and other sectors.
- Prospective franchisees must meet financial requirements and undergo training before opening. On top of this, franchise agreements impose standards to protect brand integrity.
- Owning a franchise can be less risky than starting a new independent business, but franchisees must pay fees and follow brand rules. Profit ultimately depends on unit performance.
Taking all this into account as franchise speakers, it’s clear that franchising allows companies to grow their brand by selling the rights to operate under their name, while franchisees benefit from an established model with corporate support. It’s a strategic expansion strategy across industries.