Franchising
Steven Lacey
Instructor Bradford
Principles of Management
23 September 2014
Franchise Ownership When entrepreneurs are ready to start up their own business, they must first decide if they want to start up their own company or join an already existing company. One way to go into business with an already existing company is franchising. According to Entrepreneur.com, franchising is 殿 continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing, and managing in return for a monetary consideration. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees).” So, before we go any further I would like to define a couple of highly used terms in the topic, franchisor and franchisees. Franchisee is someone who has been given the right to sell a company痴 goods or services in a particular area, a person who was granted a franchise (Merriam-Webster). A franchisor is the one that grants the franchise to the franchisee (Merriam-Webster). An entrepreneur will need to weigh all options when considering if they will be opening a franchise or starting up on their own and facing the completive (did you mean competitive?) marketplace. One would think that there is an endless upside (maybe change to that it's extremely advantageous) to buy into an already established company but unfortunately there happens to be a few drawbacks as well. Franchising does not guarantee success but it offers numerous advantages compared to starting from scratch. Some of the notable advantages of franchising are product recognition, marketing help, guaranteed territory, support, supplies, and shared success. (Bonnie, ) what is this Bonnie citation referring to? Product recognition is the ability to recognize a product or service that has already been highly marketed. When purchasing
Instructor Bradford
Principles of Management
23 September 2014
Franchise Ownership When entrepreneurs are ready to start up their own business, they must first decide if they want to start up their own company or join an already existing company. One way to go into business with an already existing company is franchising. According to Entrepreneur.com, franchising is 殿 continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing, and managing in return for a monetary consideration. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees).” So, before we go any further I would like to define a couple of highly used terms in the topic, franchisor and franchisees. Franchisee is someone who has been given the right to sell a company痴 goods or services in a particular area, a person who was granted a franchise (Merriam-Webster). A franchisor is the one that grants the franchise to the franchisee (Merriam-Webster). An entrepreneur will need to weigh all options when considering if they will be opening a franchise or starting up on their own and facing the completive (did you mean competitive?) marketplace. One would think that there is an endless upside (maybe change to that it's extremely advantageous) to buy into an already established company but unfortunately there happens to be a few drawbacks as well. Franchising does not guarantee success but it offers numerous advantages compared to starting from scratch. Some of the notable advantages of franchising are product recognition, marketing help, guaranteed territory, support, supplies, and shared success. (Bonnie, ) what is this Bonnie citation referring to? Product recognition is the ability to recognize a product or service that has already been highly marketed. When purchasing