Franchising is big business. Drive down any street in the Suncoast region and you're likely to see the familiar, national brand names that we all know and use. Franchising spans all industries including automotive, business services, cleaning, education, food, health, pets, real estate, retail, travel and leisure just to name a few. The franchising industry generates more than $1 trillion dollars for the US economy each year. In fact, one out of every three dollars spent in the US each year goes towards the products and services of franchises.
During tough economic times, such as the downtown of 2008, studies show that the franchised business model enters a strong growth period. This is mainly due to the fact that people fear losing their jobs, or have already lost their jobs, and seek business ownership opportunities to take control of their future. Is the US today, one out of every 16 workers in the work force is employed by a franchised business.
What is Franchising?
Franchising is a business model that combines the best aspects of sole proprietorship and Corporate America. It can be described as a "hybrid" structure that fills the gap between working for someone else (whether a large corporation or a small business) and working for yourself. Franchising is not an industry in itself. Rather, it's a way of doing business that can be applied to almost any industry. Today nearly 3,000 established franchise brands operate in the US.
Franchising has two main forms. In product / trade name franchising, illustrated below, a franchisor owns the rights to a name or trademark and sells or licenses the right to use that name or trademark. Business format franchising, the second type, involves a more complex relationship in which the franchisor provides franchisees with a full range of services and support, and franchisees sign an agreement to conduct operations in conformity with specific rules as outlined by the franchisor.
According to the International Franchise Association, "Franchising is a method of distributing products or services. At least two levels of people are involved in a franchise system: 1) the franchisor, who lends his trademark or trade name and a business system; and 2) the franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system." Franchising is a team effort. For any franchisor to succeed, the vast majority of its franchisees (all, ideally) must operate profitable individual franchise units over the long term. A brand's success depends on an ongoing partnership between franchisor and franchisee. One of the most common sayings in franchising is: "Franchising means working for yourself, but not by yourself."
For many, franchising's greatest appeal is the opportunity for an individual to control their destiny and secure their future. In recent years, the franchise model has caught on as an attractive business opportunity for wealthier individuals and investors who buy many units at once; or who buy the rights to develop a geographical area or "territory" and develop a certain number of units within a specified timeframe. These multi-unit owners, area developers, or area representatives (some of whom also recruit new franchisees and support them within their territory) are part of a growing trend in franchising, and account for about 50 percent of all franchised units in the U.S. today.
Legally, it's important to point out that franchisees do not "own" the franchise they have "purchase." Rather, they are granted, or awarded, a license agreement that gives them the right to operate and manage their franchise business. However, franchisees do own the assets of their company, and as long as they adhere to the franchise agreement, they have specific rights under state and federal law.
Franchise Experts - Tampa, Sarasota & Naples
Listed below are local franchise coaches and franchise consultants who are glad to assist you. These franshise professionals have assisted many in starting franchises along the Suncoast and across the nation. We encourage you visit their web sites to learn of their successes as well as to read client testimnonials further down this page.
Franchise Coach Reviews
The following testimonials demonstrate the success the above franchise consultants have had in assisting people realize their goal of business ownership. We look forward to posting your testimonial on this page in the coming months as well. Just sayin...
"Susan, I just wanted to take some time and let you know how much you and The Entrepeneur's Source really helped me in my search for a good fit within the franchise industry. As you know, the myriad number of opportunities are a challenge. Finding the business that matches up with my needs, goals and desires, I believe, would have been a nightmare without your help."
"Susan, your cheerful attitude, low-key approach, knowledge of franchising, and absolute lack of pressure tactics established a level of trust that eventually played a significant part of my decision to choose the perfect franchise for me over other franchisers. You are, in my humble but ever so correct opinion, one of the most valuable assets any potential franchisee has to rely on."
"Susan, I wanted to take a moment to express my gratitude for the fantastic job you did helping me find a franchise opportunity in Tampa. You made the entire process efficient, stress free, educational, and rewarding. I could not have done it without you! "
"Susan, I would like to thank you for all your dedication and hard work in finding me the perfect franchise. Your personality profile of me was "right on the money". I am looking forward to a bright and prosperous future with my new franchise and I owe it all to you. I will certainly recommend your services to all my friends."
"Working with Susan was an eye opening experience. She always brought to light things that the layperson would not know or understand and helped to guide us through the process. She was always punctual and followed through with all that she said she would. We are truly grateful for her leadership, her guidance, her commitment and support."
-The Cuevas Family
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