What is franchising?
18 January, 2016
What is franchising? Well have a look at the British Franchise Association’s website for their true (but complex) definition. They are the industry body for franchising.
My definition of franchising (ie a real life franchisor who is franchising right now) is:
A proven business model (business that is real and doing it right now) that has detailed guides on how to do what that business (B) does in the tangible and defined market place (MTD) of spending customers (SC), including how to find, win and keep those customers.
B + MTD x SC = Franchise
However, something else equals franchise success. This is the most important cog in a franchise process, the very thing that makes the boat float or sink.
That very thing is YOU.
No matter what anyone tells you - lawyers, advisors or mates down the pub who once earned £100,000 a week (they didn’t by the way) or even your cousin who nearly invented the world’s first eternal powerless light bulb (he didn’t by the way) - the ONLY real route to success is down to you. YOU are the thing that will make your business successful or not.
Are you the right kind of person to achieve success from franchising? Ask yourself that question and read our other articles to find the answer.