Franchising Opportunities for the Justice Involved
Let’s start with franchising. A franchise is a business model which comprises three key elements – use of the brand, use of the business system and payment of a fee for the use of these two together. Many refer to franchising as having a three legged stool which includes these three elements.
What is it?
Franchising is when you allow the use of your business name and business system for the payment of a fee upfront and/or ongoing.
- Why use it:
Allows someone to use your name and trademark
- You are paid a fee of some kind, generally it is an upfront fee plus an ongoing royalty payment such as a percentage of sales or a fee per product sold
- Can be a more cost effective solution to expand initially
- Allows operational control for consistency
- Provides an exit strategy for the business
- Common branding and marketing for brand awareness
- Used for business expansion to grow a business model in wide array of industries including service, food, lodging, retail, professional services, medical, and many others
- Great use for manufacturing and distribution businesses
- Converting other companies into your franchise
- Used to help co-brand other existing similar types of businesses
While you have the ability to enforce operational requirements and consistencies, only the franchisee is able to manage employees.