Conversion franchise is the latest trend that is helping businesses do a profitable turnaround, writes Aysha Anam
What happens when a small independent business owner is approached by – or discovers that - a franchisor is keen to convert his mom and pop store into its own franchise unit? Well, conversion franchising - which allows an independent business to convert its name, brand, trademark and operating system into a franchisee of a successful brand - is a scenario that seems to be playing out more and more in recent years.
But why would you want to compromise on your independence to run a business? What do you get in return? And how can you decide if the decision to become a franchisee is right for you? To be sure, there are a number of pros and cons to converting an existing business operation into a franchise one.
WHY IT WORKS?
Wanting to convert into an organized setup under the umbrella of a brand would be advantageous for both – the small business owners and parent enterprises, which do not have to bear the burden of wear and tear issues as seen under a normal franchise model.
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