When it comes to retail entrepreneurship, there are several ways to open a business. You can launch your own sole proprietorship, whether it’s an ecommerce shop or brick-and-mortar store, and have complete independence but with little support. Or you can take advantage of one of dozens of franchise opportunities and have the power of an existing brand behind you.
Retail franchising is the method of opening a single store based on the name, branding, trademark, and products of an existing business. Some well-known examples include McDonald’s, Dollarama, PetMobile, and Flip Flop Shops. These businesses are all around us and are often the brands we shop at and trust the most.
Compared to starting a sole proprietorship, opening a franchise comes with a different set of rules, expectations, and skills. But here, we’ll explain how retail franchises work, explore some pros and cons of operating this type of retail business, and provide some basic steps to getting started.