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The largest sector of turn-key businesses consists of franchises. There is a franchise for every industry in the world, and they are relatively easy to acquire, coming with pre-packaged, easy-to-assemble systems. McDonald’s serves as a prime example, with a staggering 12-figure number of 38,000 franchises.
The business format franchise originated from an earlier model called the ‘trade name’ franchise. The major change was in the rights. During the ‘trade name’ era, franchise owners only had marketing rights. Now, franchise owners have ownership rights over the entire business, including its systems. This shift in focus has allowed for a transition from relying on the quality and name recognition of the products that constitute the business to focusing on sales techniques that drive the business.
It was the franchise prototypes that truly enabled the changes necessary for today’s franchises to shine, thanks to the techniques developed by the owners rather than the corporation. This can significantly impact the franchise’s success, as the owner can customize their marketing and promotions to directly meet the needs of their local target customers.
Now, with that said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action in place to ensure the prospective success of the business. Therefore, several standards are established to help jump-start the process of opening a successful franchise.
These are all methods by which the parent corporation ensures that their brand remains consistent and stays in the forefront of customers’ minds. When you purchase a widely-known brand, you will attract customers simply by being associated with it.