A business opportunity is an arrangement by which someone who has found success in a specific business teaches you how to do the same. A business opportunity is different from a franchise because the requirements for offering a franchise, and the related fees, are much higher than they are for an opportunity. Depending on the opportunity, you may be licensed to use their name in your advertisement. A supplier will furnish you with a product that you can then resell to your clients.

Franchises

Franchising is a form of licensing by which the owner (the franchisor) of a product or service distributes through affiliated dealers (the franchisees). The franchise license is typically for a specific geographical area. The product or service is marketed by a brand name (McDonalds, Chevrolet), and the franchisor controls the way it is marketed. The franchisor requires consistency among the franchisees: standardized products or services, trademarks, uniform symbols, equipment, and storefronts. The franchisor typically offers assistance in organizing, training, merchandising, and management. In exchange, the franchisor receives initial franchise fees and an ongoing fee based on sales levels.

There is a wide variety of franchises available for those who want to sell advice to others. They include wedding consulting, financial and investment planning, shipping consultants, stock sales, building inspection, small business consulting, accounting services, and many more franchise opportunities.

Franchise Opportunities

One useful source of information on available franchises is the International Franchise Association (http://franchise.org). The IFA's Franchise Opportunities Guide is a comprehensive listing of franchisors by industry and business category. Franchising Opportunities is their bi-monthly magazine. Their newsletter, Franchising World, includes information on developing trends in franchising. Other sources include Entrepreneur, Income Opportunities, and other magazines available on most newsstands.