BTS and Franchising
To join, ARMYs need a Weverse account, both for the app and for the Weverse shop. Fans also need a PayPal account, as this fan club charges a monthly fee to enjoy the perks, including a mobile membership card. From the Weverse app, fans have the options to choose from different “tiers” of the official fan club.
BTS shot to fame with their social media presence on Twitter and YouTube in 2013. The band’s market value reached nearly $8.4 billion on its first day of trading in October 2020, when BTS’s label HYBE went public.
Knowing where to start with BTS can be daunting as it requires some knowledge of how K-pop works.
Our Florida internet marketing company believes that BTS can teach digital marketing experts a thing or two. So get ready to be a digital marketing superstar! But who exactly is BTS, and how can their story help you grow your business?
From their early days grinding as trainees, to international pop stardom, BTS are sharing their 10-year journey on the small screen with an eight part docuseries titled BTS Monuments: Beyond The Star. The new limited-series dropped the first two episodes on Wednesday, Dec. 20 and will be streaming exclusively on Disney+. Even though the members may be starting their mandatory military service, fans will be treated to behind-the-scenes footage highlighting their highs and lows for the first time ever in this new series.
What is Franchising?
Franchising is a business whereby the owner (franchisor) grants the right to another party (franchisee) to use its trade, trademarks and specific business processes and techniques for producing and marketing goods or services with terms and conditions. The franchisor may require the franchisee to purchase a minimum amount of products from them to maintain quality control across franchise locations.
In exchange for acquiring a franchise, the franchisee pays the franchisor an initial start-up fee and annual licensing fees to sell a product or service under the franchisor’s business name. The Federal Trade Commission and states define a franchise as when the franchisor licenses trademark rights to a franchisee to identify in marketing a product or service using the franchisor’s operating methods.
An early franchising example is when Pemberton licensed people to bottle and sell Coca-Cola. The Singer Company implemented franchising to distribute sewing machines in the 1850s. McDonald’s is a famous modern business format franchise where franchisees get training, site selection help, supply contacts and ongoing support to use the brand.
Franchising exists where the franchisor gives rights to distribute and sell goods or services and use the business name and model. The franchisor owns the product/service while franchisees receive rights to use the business name, model, etc. "Business format franchising" identifies the most common franchising type according to the Franchising Council of Australia.
How Much is a Franchise?
How much is a franchise? The amount charged for franchise fees will vary; they can range from $0 (which is very unusual) to over $100,000. While the number is not really important, the overall average franchise fee is around $35,000 today.
This is a one-time entry cost into the franchise system. You get access to the systems that the franchisor has built and receive training in marketing and management that will be ongoing throughout your franchise journey. In a sense, the fee is the sum total of all the ups and downs, all the highs and lows, all the hard-won lessons the franchisor paid to learn about before you came on board.
In addition to the one-time franchise fee, you’ll also pay royalties, which are often between 4-8% of gross revenues along with charges for a pooled marketing and advertising fund, shared between the franchisees. This pooled method allows everyone to leverage group buying power to make their advertising dollars go further.
One of the most commonly overlooked fees with franchising is the cost of operating capital. Even a franchise is going to take at least six months to start seeing results—how are you going to keep things running in the meantime? Make sure that you’ve got liquid cash on hand, business credit (if necessary or relevant), and other means to pay for things until the business starts to turn a profit for itself.
Use the information the franchisor provides as a starting point; then develop, with your outside advisors, your own budget reflecting how much capital you will really require. Total investment in a new franchise can vary dramatically, depending on the franchise system you select.