Franchising is not just selling a brand, slogan or logo – it is a whole system of business. It is a business model that allows individuals or groups to purchase the rights to operate under the name and system of an already existing brand. Own business under the auspices of a franchise is still your own business, but the risk of business failure is reduced because a proven, successful business model is applied.
When you decide to buy a franchise, you sign a franchise agreement that defines mutual rights and obligations. The franchisor not only provides you with a license and legality of business under his brand, but also provides continuous support and transfer of knowledge about business management. On the other hand, your obligation as a franchisee is to comply with the business rules and pay the franchise fee. Franchising provides an opportunity for individuals to own their own business without having to create a brand concept or develop a business system from scratch. You get the support and expertise of an already established brand, which can be key to business success.
The story of Ray Kroc, the man who turned the small fast food restaurant McDonald’s into a global giant, is a good example of the success of the franchise. He recognized the potential in the fact that local entrepreneurs could open restaurants under the same name and operate according to the same quality standard, resulting in global success. Another example of a successful franchise is Starbucks. From a small coffee shop in Seattle to an international network with thousands of locations around the world, the franchise has helped this brand reach global status.
Recognizing Opportunity
This year’s LEAP Summit speaker Stefano Petrović also recognized the advantages of franchise business. Working in the fish industry, more precisely in the business related to fish purchase and wholesale, and following global gastronomic trends, Stefano noticed the lack of fish street food restaurant franchises. This is how Fish Delish was born, a modern, innovative franchise of street food restaurants that stands out for the preparation of original dishes with high-quality fish. Key features of Fish Delish include strict food quality standards and standardized preparation and serving processes. Through detailed market research and customer habits, Stefano has shaped a recognizable brand that prides itself on attractive fish dishes that are not only tasty but also aesthetically appealing.
Find out more about Stefano’s world-renowned franchise in May at the LEAP Summit.
