How to leverage ‘franchising’ as a successful business model
A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system. and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system, this is according to Ogwang Omuga – the Principal of the Institute of Intangible Resource Awareness.
In franchising, a franchise owner partners with a corporate brand to open a business under the brand’s umbrella. Once an individual develops a product then the other thing would be if you want to go into business alone or have people use a system that you have developed to make revenue.
According to Omuga, most of the successful multinationals are not franchising; Find the full details in the interview.