Proven model: A profitable franchise is supported by the reproduction of a business model that has already proven its profitability and acceptance in the market over time. In addition, you will be launching into the world by selling a product that people already know.
Know-how: The most profitable franchises in the world know how to do things. They have their own sales techniques , experience with the products, they use software , they know about financial management, they usually use operating manuals, they have rules, an identity, they know how to approach customers and the owner shares this knowledge with the franchisees.
Redistribution of benefits: When you enter a franchise, you have to pay an entry fee that allows you to use the brand. Then, you have to make an initial investment to start the business. But, once you have made the outlay, you get benefits in return. For example, training and the use of a name that inspires trust.
Territorial exclusivity: this does not apply number database if you are planning to set up an online franchise . However, if it is a physical franchise, the rules often do not allow competition within a certain range of kilometres.
Safer ROI : If you want to invest in a franchise, it is because you know that it is a brand that works in the market. Therefore, the return on investment is much safer and faster!
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Maybe you have already decided to invest in a franchise and now you want to know which one would best suit your needs. Then, we will tell you what types there are and their differences.
What types of franchises exist?
Every profitable franchise depends on the type of contract signed and its characteristics. The classification varies depending on the type of franchise. Be careful, you may feel that the franchise you have in mind meets several descriptions - it is possible!
So we list them for you so you can launch your profitable business idea.
Individual Franchise
This is the best known of all. It involves using the brand, the products, the work system and its services in a single location or online store.
Multiple Franchise
In this case, the owner grants permission for the investor to open many franchises. That is, to open many stores.
Regional Franchise
If you want to open a transnational franchise, this is your item . This way, you will coordinate and monitor quality and service standards in specific areas around the world. Imagine being the first to open an online store for a product that is new to your country! This can bring you income with almost no effort .
Corner franchise
If your idea is to increase the number of customers your store already has, the most profitable franchise will be the corner franchise. With it, you will add an established brand to your business in a specific part and market it without losing your own brand!
Shop in shop franchise
While it is very similar to the previous one, the difference would be the following: you sell in your store something that has nothing to do with your business. If you have a candle store, you can add an underwear section simply to generate interaction and more income!
Speaking of candles, don't miss this article we have on the blog about how to make candles . Discover more ideas to get you started!
Now that we have gone over all the details of this business model, we will show you more details about online franchises.