Franchise

A franchise is a business entity that offers a specific organization’s goods or services, but is not actually owned or operated by that organization.

Probably the franchise example that is nearest and dearest to all of our hearts is that of fast food restaurants. Jimmy John’s, purveyors of those freaky fast sandwiches, is a franchised organization. What this means is that if we’re interested in opening a Jimmy John’s in our area, we contact Jimmy Johns Franchise, LLC and ask about becoming a franchisee. The deal is that we get to sell their stuff and use their name, and in return, we pay them startup costs, trademark costs, equipment costs, royalties, etc.

Franchising can be a good deal for people who want their own business, but also want the cushion of an established, profitable business platform. And we’re not just limited to freaky fast sandwiches; franchise opportunities exist in all kinds of industries, from hotels to yoga studios to pet grooming services. So if we really want our own business but don’t quite know how to make it happen, looking into franchising opportunities might just be the way to go.