Franchises
 

The first franchise in the US in the 1850's was for sales of Singer sewing machines. Today franchises are available in almost every sector from fast food to gymnasiums to real estate.
 

When you buy a franchise you receive a license and a proven method of doing business in exchange for a recurring payment, a percentage of sales or profits, as well as an annual fee.
 
You may have various types of support available to you, such as advertising and training. The franchisors may demand that you have some degrees of previous business or sector experience; they will audit your books, and may do spot checks of your business. If you do not comply with the agreed standard your franchise may not be renewed - it may even be cancelled.
 

One of the advantages of buying into an established franchise with a proven business formula is that you get a quick business start and avoid the need to build from scratch. Much of the groundwork has been done for you - from site selection, lease negotiation, to investigation of government requirements. You are inheriting a reputable brand, a customer base and customer goodwill. Because people know who you are, they are more likely to trust what you sell.

You will need to comply with various regulations from signage, shop fitting, uniforms etc. and may not be allowed to use less expensive alternatives. You may also be required to spend money on upgrading or alterations from time to time.