Do You Know These Franchising Terms?

Whenever you join a new industry or even a new company, you’ll start to hear phrases that might sound foreign to an outsider. Are you joining the franchising world? See if you know these franchising terms to help you prepare and understand what conversations are going on around you.

Do You Know These Franchising Terms?

• Franchise:  A business opportunity that allows the franchisee to legally use a company’s (franchisor’s) expertise, ideas, and processes
• Franchisee: A person or group who enters into a contract with a franchisor to own a business that legally uses the franchisor’s expertise, ideas, and processes
• Franchisor: A person or company that grants the license to a third party (a franchisee) for the conducting of a business under the franchisor’s marks
• Franchise Agreement: An agreement made between you and the larger company that gives you the right to operate as a satellite of the larger company in a certain territory for a given period of time
• Contract: A legally binding document that explains what type of relationship and permissions the franchisee and franchisor will have
• Mentor: A trusted advisor who you can go to for advice
• Location: The territory your franchise will serve
• Entrepreneur: A person who organizes and operates a business and takes on greater than normal financial risks and responsibilities
• Marketing: Adverting that is used to gain customers and increase brand recognition
• Brand recognition: How well consumers know a company and what they think of it
• FAB: Features, advantages, benefits; the selling point for joining a franchise
• Market: The group of people or area your business serves
• Mission statement: What the goals and values of a company are

Join the JDog Team

If you are a Veteran or Military family member, we welcome you to join our team dedicated to the values of Respect, Integrity, and Trust—the same values we lived by during our time serving. Request more information today by calling us at 484-324-6444.