What does it mean to franchise a business?

[Niyi Briggs]

I have been hearing of building francushes. I don't seem to understand the concept of franchising a business. What does it actually mean?

Anyone with knowledge on what this means can share his/her ideas. How do we go about franchising a business? What are the benefits?

 

[Johnson2468]

Franchising a business means allowing others to use the company's name, trademark, and operating system in exchange for a fee.

 

[Shavkat]

The meaning of this is to plan having a new stable business in the market. Once you franchised it, it can build a good relationship with the partners and can gain profit if started to operate.

 

[uptrendfinancialsignal]

The meaning of this is to plan having a new stable business in the market. Once you franchised it, it can build a good relationship with the partners and can gain profit if started to operate.

That is cleverly worded because when you franchise your business, you are giving the right to people to operate under your trademark.

 

[eldavis]

This is also like giving other companies limited rights to use your company name and the likes. In other words they have the right to work and market products under your name or trademark.

 

[Etini Willie]

It means when you have a solid brand and other people want to open their businesses under your brand. They are standalone businesses that would be paying royalties for using your brand.

 

[Bisolami]

It means when you have a solid brand and other people want to open their businesses under your brand. They are standalone businesses that would be paying royalties for using your brand.

Exactly
I think the shoprite in Nigeria was also franchised.

 

[Heatman]

It's just like the same thing we have in movie's franchises like DC, MARVEL and the rest. Businesses do the same thing too. Mr Biggs, Chicken Republic, Crunches, Domino's, Pizza Hut etc.

 

[IB D]

When you franchise your business, it means you have built a reputable standing in the industry and then you sell your name to other entrants in the industry to use and it would be like the business is also owned by you.

 

[Shavkat]

When you franchise your business, it means you have built a reputable standing in the industry and then you sell your name to other entrants in the industry to use and it would be like the business is also owned by you.

In fact, I do want to buy a food chain franchise, but it costs an arm and a leg. But I can say that it is a profitable business, especially if they are well-known in the market.

 

[hastral45]

That is cleverly worded because when you franchise your business, you are giving the right to people to operate under your trademark.

Franchising means giving the authority for the goods will of your business to be used by another business or individual. Franchising comes with a fees to be pzaixd before such rights izs given. Franchising is Allowed in business settings zso far it has not jeopardize the terms and conditions set as agreement.

 

[Bisolami]

When you franchise your business, it means you have built a reputable standing in the industry and then you sell your name to other entrants in the industry to use and it would be like the business is also owned by you.

That is true and people want to use the name of your business to boost their business too. In that way, the name of your business will continue to grow because they are using your name

 

[Niyi Briggs]

I always say that an organization that buys a good franchise steps into automatic start up and skips all the rudiments of starting a business for a price. It is easier though but I feel it might be risky in future.