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Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees) Local franchisingLocal Franchise means expanding thebusiness in the new market by transferringtrademark and goodwill to franchisee insidelocal territory by charging fees.
• A good track record of profitability• Ease of duplication• Detailed systems, processes and procedures• A unique or unusual concept• Broad geographic appeal• Relative ease of operation• Relatively inexpensive operation.
Payments to the local franchisor: (a) A royalty for the trademark and (b) Reimbursement for the training and advisory services given to the franchisee
Local franchising agreement: 1. The rights of a franchisee 2. The obligation undertaken by the franchisor 3. The obligations imposed upon the franchisee 4. Trade restrictions 5. Assignment/death of the franchisee 6. Termination provisions
Types of local Franchising2forms of franchising:1. Product/trade name franchising2. Business format franchising.