Franchising is one of the oldest business models, and has often acted as a surefire way for companies to scale massively. The concept dates back to the 1800s, where some of the first franchises included the Singer Sewing Machine Company and General Motors. Some of the more famous examples over the years have been McDonald’s and Coca-Cola.
In the modern age, the idea of franchising has become even more widespread. People with great inventions can easily franchise then to other companies, and individual businessowners can open an online franchise easily.
Easier Than Ever to Franchise Inventive Ideas
The online world has made it simpler for people with genius ideas to franchise them. One of the best places to see this in action is the iGaming market, where innovative mechanics are often franchises to other developers.
For example, Big Bass Day at the Races uses the Drops & Wins mechanic. That feature has been used by various studios, thanks to its popularity among players. The same thing happened with the Megaways engine as well, and its creator Big Time Gaming has enjoyed great success from franchising it to other developers.
Another excellent example is the Unreal Engine from Epic Games. The offering has been around since 1995, and has been through various iterations since then. The latest is regarded as the best graphics breakthrough in the computer market to date, and it has been franchised to countless other studios.
More Opportunities for People Who Want to Work for a Franchise
The online world has made it much simpler for individual businesspeople to become part of a franchise as well. Brick and mortar franchises like Starbucks or Subway typically require a vast amount of capital to get started, but online franchises give people the chance to begin with minimal costs.
One prime example of a popular remote franchise is the online travel agent. There are various companies that allow people to become a part of their brand and to sell holiday packages in their name. With the cruise and vacation experts, Cruise Planners, for instance, anyone can sell tours from the comfort of their homes. The franchise model dictates that a percentage of their profits is paid to the company, but individuals also have a lot of autonomy over their own businesses.
The Rise of Digital-First Franchise Models
One of the most interesting things to note about the modern franchise model is that a lot of them begin online and have no physical locations anymore. The power of the internet has allowed shrewd businesses to scale rapidly, often outsourcing a lot of the growth to armies of independent businessowners.
An example of this is the rise of virtual coaching programs online. These often begin with a guru who provides training to other people who want to take up coaching. They can then work independently under the banner of a company or a well-known influencer.
For anyone who wants to start a business but doesn’t have confidence going alone, starting a franchise is a great way to have the backing of an established brand. It’s now cheaper and easier than ever for anyone to become part of a franchise.