Franchising: A Vital Income Opportunity

Business Day:

A Franchise is an agreement or license between 2 parties, which gives a person or group of person (The franchisee) the rights to market a product or service using the trademark of another business (the franchisor).

Both franchisor and the franchisee have a strong vested interest in the success of the brand and keeping the customer happy.

Since franchising is relatively new in Nigeria, creating a platform for information and education is essential to its further development. The small and medium Enterprises in Nigeria has not fully tap the various opportunities franchising offers, this oversight could be blamed on lack of awareness.

Franchising has become the most popular business model for self-employment. The range of opportunities has never been broader, with franchise companies now established in virtually every industry.

SMEs in Nigeria face severe constraints but Franchising (as a business model) provides entrepreneurs immense opportunities (technology transfer, marketing/business support services, skill acquisition etc) to increase SMEs success rate and energise the national economy. Read more.