Most people don’t think too much about the business structures of the businesses they buy products from. But a full 50% of retail sales are made through a franchise model. From the food that we eat, coffee we drink, gasoline our cars use, the groceries we buy, and the clothing stores we shop at, we buy lots of products from businesses who purchased their business model from another company.
Many people feel that Ray Kroc, of McDonald’s fame, invented franchising. He may have been an early adopter, but McDonald’s wasn’t the first franchise. In fact, a woman in the 1800’s started a beauty salon that ultimately grew to a chain of 500 salons across the country owned by different owners. It was the first franchise.
This week’s Five Minute Monday talks about Martha Matilda Harper, and how she revolutionized business.