Much has been written about how franchising, especially in North America, is the low-cost, business development strategy which is guaranteed to be successful. While many brands that have embraced franchise development as a growth and financing strategy with great success, there are equal numbers who have tried and failed due to a combination of factors that are addressed in our review. Let’s start by asking why business owners should consider franchising their business in the first place. There are three principal reasons, and all other reasons are typically variations of the following:
- Using franchising as financial leverage to grow a business faster than one could with only one’s own capital
- Expand in unfamiliar areas using the local knowledge of franchisees
- The belief that franchise owners (franchisees) will have more significant impact on the sales, customer satisfaction and the bottom line than paid employees.
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