The St. Lucia Chamber of Commerce wants more local business persons to think seriously about franchising as a lucrative business venture. Franchising is a concept where the owner of a successful business allows another person in a different market to duplicate the business model, using established trademarks, products and business philosophy. Successful franchises are KFC, Coca Cola and McDonalds.

Last week the Chamber invited two experts in franchising to sell the idea to local business persons. There are very clear advantages to franchising - the licensee is virtually investing in a business concept that has been tried and proven and benefits from knowhow, technical assistance, brand, marketing support and training. Franchises in the US currently sustain 20 million jobs and generate over one trillion dollars in sales.
Franchise operations are believed to actually grow during recessionary times as persons laid off use their severance packages to start new businesses most are franchises. A survey done recently shows that 65% of independent business start-ups fail within five years while 85% of persons starting a franchised business actually succeeding within the same period. The majority of franchises are in the food business, retail, restaurant, financial advice, commercial cleaning, and home services. An International Franchise Expo takes place from March 20th 2009 in Washington. Local companies are invited to use the opportunity to explore business options....  Read full paper