Welcome to our Nov. 17 issue where we are highlighting some successful franchises in our area. Franchise businesses seem to flourish in the greater Fayetteville area.
To explore this a bit further, it might be worth looking into the definition of what a franchise is and is not.
A franchise is not just a business with multiple locations. For example, Cracker Barrel is not a franchise but is a publicly traded business. Some businesses appear to be part of a franchise network, but instead are part of a cooperative entity, such as “Do it Best” Hardware, The Associated Press or Ace Hardware. A cooperative business is owned and run by its members primarily for the benefit of cost savings that get passed on to the customers and members.
According to Investopedia, a franchise, “grants a franchisee access to a franchisor's proprietary business knowledge, processes and trademarks, allowing the franchisee to sell a product or service under the franchisor’s business name.”
The franchisee sets up a new or existing business to operate and sell products or services that follow the unique branding and proprietary model that the franchisor has established. The franchisee pays the franchisor a start up fee and monthly royalties on sales typically equal to between 5-8 percent.
THE TYPICAL VALUE FOR THE FRANCHISEE IS:
- A proven successful business model with operating systems to follow.
- Help with marketing and advertising.
- A larger company from which to leverage support.
The businesses featured in this issue are all franchisees who are all having success in our local area. There are three reasons I believe make our area a great place to consider investing in a franchise. First, we have a phenomenal local economy in Fayetteville. Second, we have access to a significant pool of talent in labor resources. And third, our affiliation with the military through active duty families, contractors and transitioning or retired personnel afford us a ready-made entrepreneurial incubator for possible franchisees.
If you are interested in learning more about franchise opportunities, I would encourage you to check out the following resources below.
www.franchiseopportunities.com
www.franchisegator.com/states/north-carolina-franchises
God Bless you and yours!
This is the first year of the Veteran Business Expo, and it grew out of Fayetteville PWC’s Economic Impact Program, which focuses on expanding access and opportunity in public-sector contracting while strengthening the local economy. It builds off th
Lynlene Apiary and Crafts is owned and operated by mother-daughter duo Carolyn Kleinert and Jolene Kleinert. They are certified apiarists and sell honey, candles made with beeswax, soaps and other crafts at local farmers markets. Photos by GFBJ.Lynle
Kevin Grant, THOHM executive director, shared the story behind why he wanted to bring this venue to Hope Mills at the grand opening. Photo by GFBJ.The Hive of Hope Mills (THOHM) has been the vision of Kevin Grant, a local developer and the THOHM exec
