Franchise: A Marketing Strategy to Expand Business
It is readymade business formula to follow and implement.
Franchise is a business growth strategy where a franchisor licenses its some or all business know-how, procedures to run business and other intellectual property, brand and rights to sell its branded products toa franchisee. In return franchisee pay fees to obtain such rights to sell branded products of company and also signs agreement to comply with the rules and regulations of Franchise. Franchise basically leverage it’s business model to expand its business in profitable manner. Let us know more about the topic in Franchise: A Marketing Strategy to Expand Business.
What is franchise?
A franchise is a type of business model where one party (the franchisor) grants another party (the franchisee) the right to use their established business model, brand name, and intellectual property in exchange for payment of initial fees and ongoing royalties.
Franchisees receive a turnkey business package that includes training, support, and marketing assistance to help them start and run their business successfully.