A few questions to start: What are the keys to franchising? How do you (or I) know if franchising is right for me? And the frequently asked, “What are the hot franchises right now?” Most of these questions will be covered in the articles and resources section in the upcoming Franchise Center and while I may not know what the hot concepts are, I can try to provide you with the information and guidance to make a more educated decision yourself. What I can tell you is that franchising is one of the purest forms of entrepreneurship. On one hand, you have the franchisor, the brand originator, the one who took the first risk starting a small business. Then the franchisor decides that the best way to grow the small business is through franchising, allowing other aspiring business owners to join he and the brand in a licensed relationship. Now you’re adding additional entrepreneurs to the equation, franchisees – hopeful small business owners and their employees who are now representing a brand in a specific territory. The third element, the glue that makes this work, is probably the largest group of entrepreneurs and independent business owners of all … research companies, marketing firms, attorneys, real estate specialists, banks, consultants and everyone else. Now that I think about it, franchising could be described as the gateway to entrepreneurship for all aspects of business.
Jack Burris is a Partner and Vice President of Marketing and Development with Franchise Business Review.