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Starting a franchise can be a big undertaking. But it can come with a number of benefits, including pre-established brand awareness, a framework for success, and built-in customer base. For those entrepreneurs looking to franchise, knowing where to start and having a plan is critical.
As a franchisee, you need to know what to expect and the types of costs you will encounter along the way. In this blog, we cover seven foundational steps you can take to start your own franchise. What Is a Franchise?
A franchise is a business arrangement where the franchisor grants the franchisee a license to access their processes, trademarks, and proprietary business knowledge. This allows the franchisee to sell the product or service under the franchisor’s business name without the franchisor having to manage every location themselves.
Franchising offers a proven path for entrepreneurs to start a business locally, while leveraging the strengths of an existing brand. From establishing a solid business plan to navigating legal requirements, the journey to franchise success begins with careful planning and strategic decision-making.
How to Start a Franchise In 7 Simple Steps #1: Plan and Research Franchise Opportunities
The first step in determining how to franchise
