What Makes Work Different For Entrepreneurs Who Want To Open A Franchise?
For entrepreneurs who choose to open a franchise, many of the aspects of running the business will be supported by the franchisor as part of your initiation fee. Generally, franchisees pay dues in order to receive comprehensive training and proprietary industry support. The amount of help that franchise owners receive from their franchisors varies greatly depending on the company. Sometimes, though less frequently, corporate franchisors offer more in depth support, such as financing or real estate location assistance.
However, because franchises work with national corporate entities, they get a running start with all of the branding, marketing, and advertising they need to succeed. Let’s say you own a Wendy’s franchise, for example. Your individual location will benefit from nationally televised commercials advertising a new product or promotion.
Obviously, though, this advertising comes at a cost, which we will talk about later in this post.