Franchising has changed a great deal since the practice first started. Even the past half-century has seen significant movement in the way such businesses are initiated, executed and conducted. No, franchising ain’t what it used to be.
It’s so much more.
How franchising began
It used to be that stores would only look to franchise if their customer base demanded it. Say, if customers complained they couldn’t get an item at a particular location, or that the drive from their home was too far. Now, franchises are looking to CREATE the demand they seek. They’re doing market research right from the beginning to find the hottest trends, and then capitalize on them in the franchise sphere.
Methods of funding
You used to need a significant amount of capital to open a franchise, and there were usually only a few ways to get it. You either had a lot of savings in the bank, or you used something of great value to you (like your house, car or other asset) to get a loan from the bank, placing your beloved item at risk. But now, there are many different funding options if you’re looking to get into franchising – and many franchisors who will be happy to discuss them with you.
Franchising options used to be somewhat limited. There were only a few industries you could go into, and it helped to have a good deal of experience with them in the first place. But presently, the types of franchises you can own run the gamut from fast food restaurants to automotive centers. This means that, wherever your passion and knowledge have taken you to this point, there’s probably a franchise that matches them.
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