There is a general believe that businesses secured through are more likely to survive their first three {3} years of operations compared to companies that are not franchise due to the years of stable structure and market the franchisee would naturally get from operating such franchise.
A franchise is an agreement or license between two parties, which gives a person or groups of persons {FRANCHISEE} the rights to market a product or services using the trademark of another business {the FRANCHISOR}. Both franchisor and the franchisee have a strong desire to see to the progress of the company.
The world over, franchising has become the most popular business model for self – employment. In Nigeria, Businesses has not really taken full advantage of franchising opportunities which could be blamed on lack of awareness. However, over the past few years, there has been a noticeable rise in awareness about franchising in Nigeria, which is basically fuel by the influx of master brands from South Africa.
Franchising could found in all aspect and segment of businesses include Agriculture, Information Technology, Fast Food, Petroleum Products market, Education, Cleaning, Hotel etc
In Nigeria, franchising is usually practiced in the fast food and petroleum marketing segment. The current annual market size of franchising in Nigeria from the entire industrial sector is put at $ 1.5 billion approximately.
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