Executive Franchises - Franchise Opportunities & Franchises for Executives (2024)

FAQs

What is an executive franchise? ›

It is designed for people who are accustomed to making business decisions, managing teams, and driving growth. Unlike traditional franchises that may focus on retail or food services, white-collar franchises typically operate in professional sectors like staffing, consulting, or financial services.

Exclusive Business – Franchisees generally offer products or services on an exclusive or semi-exclusive basis and are required to meet the brand standards of the franchisor, while in a Biz Op the operator may handle a variety of lines.

Business Format Franchise

Many well-known franchises like McDonald's, Starbucks, and Subway use the business format type of franchising. With this type, franchisees will pay fees to use the trademark, products, and services exclusively held by the franchisor.

There is nothing inherently illegal about a manager in an area being designated with the title CEO or President of his independently owned business, but if the franchise wants a different or uniform designation they can insist on it and it would be enforceable.

How do franchise owners get paid? Franchise owners can pay themselves a salary or depending on their business entity, they may be able to take a draw from their accumulated equity. The latter is usually only an option for limited liability corporations (LLC), S corporations, sole proprietorships and partnerships.

Many franchisees make millions of dollars by running multiple locations. Some of them are large corporate entities running hundreds of units, sometimes from multiple brands. It's up to you to set your own financial goals.

However, the actual way of having a millionaire business depends on the business itself and its model. For example, if you want to become a millionaire on sales and revenue, you need to have two franchise units that make $500,000 each in revenue or sales to have a $1 million revenue business.

Independent business ownership appeals to those who cherish autonomy and creativity. As an independent owner, you have the freedom to craft your concept, build your brand from the ground up, and make all the decisions regarding the operation of your business. This freedom allows for complete control of your business.

Is it better to own your own business or become a franchise? ›

If you're motivated by a desire for independence or to create something unique, starting your own business might be the better fit. Conversely, if you prioritize the security of a proven system and the support of a larger network, a franchise could be your path to success.

Owning a franchise can be a rewarding venture, offering a balance between entrepreneurial independence and the support of an established brand. While there are challenges, the benefits, especially for those new to business ownership, can be significant.

Franchise opportunities are perfect for those who are looking for the freedom to run a company, without the added risk. Essentially, it means taking on the management of an existing company branch, such as McDonalds, Subway etc. You buy the rights to run the shop or facility from your local area.

Piggyback (Combination) Franchising- “Piggyback” or “Combination Franchising”, as it is sometimes known, is in essence a business within a business i.e. a combination of two franchises operating under the same roof.

The most common type of franchise is the business format franchise. This type of franchising facilitates the expansion of the franchiser business by allowing individuals to buy a business with an established brand name.

Chick-fil-A doesn't call the people who run its restaurants "franchisees." Instead, they're called "operators," which helps signify their role in the company.

franchise. / (ˈfræntʃaɪz) / noun. the franchise the right to vote, esp for representatives in a legislative body; suffrage. any exemption, privilege, or right granted to an individual or group by a public authority, such as the right to use public property for a business.

The terms franchisee vs franchise aren't opposites. A franchisee buys the right to use a franchisor's business model – including the brand, products, services, and processes – at a specific location and for a set period of time. A franchise is a business formed and run by a franchisee.

A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor's goods or services under an existing business model and trademark.