An explanation of franchising vs. licensing, with advantages and disadvantages of each to help entrepreneurs make wise business decisions.
What's striking about the history of business plans is how little has changed. Sure, the medium we use has changed over the centuries, but the end result – having a written plan that demonstrates to the business owner and possible investors how to make a profit – has remained consistent.
Have you ever wished your company’s product could reach exponentially more potential customers than those you’re already targeting? Licensing can take your small business and catapult it to a huge audience, but only if you do it wisely.
If you have broad business, management and communication skills, opening a franchise business may be right for you.
Franchising offers a unique opportunity for Millennials who may not have prior business experience to succeed thanks to a business structure that is already in place.
According to the Department of Veterans Affairs, veterans are 45% more likely than their civilian counterparts to become successful entrepreneurs.