Franchising and the Economy Infographic
In all the talk about deficits,unemployment, and the precarious state of our nation's economy, one of America's most powerful engines for recovery is often (and foolishly) excluded from the conversation -- a classic case of missing what's right under our nose. Developed and perfected right here in the U.S., the franchise business model represents the ideal blend of national heft and local business, accounting for hundreds of thousands of stores, millions of jobs, and billions in annual output.
Measuring the Impact of Franchising on the U.S. Economy
Few people realize how critical franchising is to our economy, but as the infographic below illustrates, some of the most celebrated brands in the U.S. today were launched during times of deep recession, and franchised businesses as a whole continue to serve as a model workhorse for productivity and wealth creation in our nation.
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Steps to Select and Protect a Valuable Trademark
The first thing to keep in mind when selecting a trademark is that not all words and names are capable of being protected as trademarks. No one business owner can claim exclusive rights in generic terms and logos, because all business owners need to be able to use these in order to identify their goods or services. Thus, a residential painting franchise likely could not claim exclusive rights in the name “Painting Pros”, because this is simply a generic description of the services that the business offers.
Franchisor Training and Support
The franchise agreement should spell out all initial and continuing training obligations of the franchisor in detail. You should also query the franchisor about the following:
Why Should I Open a Franchise Rather Than Open My Own Business?
America has always been the land of free enterprise, and the prospect of self- employment may sound like a dream come true. Imagine the schedule flexibility, the freedom to explore and expand while pursuing an interesting career. The alleyways of entrepreneurship are so vast that it can be rather daunting to entertain. What is the right business for today? What product is in demand? Which business model is most profitable? What concept is most likely to succeed? Potential owners also must consider that franchising may be a better option than small business start ups. Yes, when entrepreneurship meets franchising, the parameters change. There may still be freedom, but new franchisees find themselves absorbed into a preset business model with a tried and true support system.