Building a franchise is a process many are willing to make, in order to be able to do what they want with their business. Especially when you have an idea that you may have come across from either a previous idea or from one of your own idea. however , starting a business is not always easy, some may fail or not even open up, but staying on top of your goals and dreams will keep the path to success on going. In ten years from now, the process for building a franchise would still be the same as it is now, becoming a franchise and franchising a business, smoothly and maintaining a business to up hold the franchise for a long period of time.
In order to begin the business, one must become a franchise to later on franchising the business. Starting
…show more content…
however , The Cincinnati Insurance Corporation has been running smoothly throughout the years, originally formed in 1968, the corporation has not only been “publicly traded on the Nasdaq market under the ticket symbol CINF,” but it remains to do its “original purpose,” quoted from Lisa of Corporate Communications, of The Cincinnati Insurance Companies. As she beings to tell me in a private email, “we believe in doing business person to person. This helps us deliver a high level of service, customize our products to policyholder needs and respond quickly in the event of a claim. These associates spend much of their time in the offices of our customers, the local independent agents who provide exceptional value and service to the business and people in their communities” (Lisa). Everyone's main focus to make sure their business is maintained is make sure not only their finances are taken care of, but to make sure their customer service wants to come back into any facility knowing that they will be treated like they don't matter. No one is willing to go through the disrespect of any employee just to get service, the customer will not accept that. In addition, from the article “8 steps to keep your small business on the road to success,” the author, Alan Hughes, gives insight simply by saying in order to maintaining your business one must “maintain a solid debt to equity ratio.” in less words, making sure that debits equal credits (assets = liabilities + owners equity) as in how much revenue is coming in while dealing with your expense. As Hughes states, “if you've got a dollar in cash of your own then only go borrow a dollar in cash. Never let your debt exceed your equity.” simply stating that you never want to have your business
Daumeyer, Rob. "Beware of Too Much Business" Cincinnati Business Courier (June 1996): 9pars. 28 June 1996
According to Chick-Fil-A’s website the process to own a franchise is lengthy and rigorous. Chick-fil-A: Franchise Application Information. (n.d.) “At Chick-fil-A, we believe that our success in a community is tied directly to the caliber of the individual fra...
1. Have you ever been at a restaurant and thought to yourself, how do I do start
One of the best advantages of becoming a franchisee is that one can own his own business without having to experience the failure that is prevalent with startups. In addition, a franchisor provides an entrepreneur with a successful business plan and a name that is recognized by consumers. As a result, the franchisor will normally provide the franchisee with the necessary training to help the overall business to succeed. Since Professor Keevan has no prior experience with running a business, the benefits he would derive from owning a franchise are quite obvious. While the startup costs to obtain some franchises can be quite excessive, some franchisors do offer in-house lending to their franchisees.
Treat us with respect, thoughtfully consider the hard work we put into our resumes, cover letters and applications and if we have an interview, be considerate enough to give us a response either way! And especially, do not be rude. Because we are not just a potential employee, we are also a potential customer! Don't you want people coming back? I will still patronize a restaurant or store even if they do not hire me, if they treat me with dignity.
Harvard Business School case 274-116. Cooper Industries, Inc. Retrieved on August 31, 2008, from University of Phoenix, Resource, FIN/545 web site: https://mycampus.phoenix.edu/secure/resource/resource
Franchise owners do not have the freedom to make changes to their products and services based on their own personal interests or market requirements (Brockhouse, 1989). The parent company is the one instead with the mandate to make such decisions. Independent business owners, despite the high likelihood to have a higher investment cost to start and operate their business, have more control over decisions to invest and what time to do so. In Shania’s case, she has many willing investors and therefore as an independent business owner she has the power to decide whether to include them or not. She can also decide who to include and who not to include as she pleases. Franchises are associated with risks of negative publicity like for instance if one business under the franchise screw up the blame is put on the entire franchise, but for Shania as an independent business owner doesn’t have to worry about such possibilities. Freedom does bring happiness according to online surveys. The greatest reward of being an entrepreneur is the ability to control one’s destiny and the destiny of their business (Jenkins,
...for someone who does not like to be told what to do and likes to
Another strength is Burger King’s franchise development having 90% of its restaurants franchised. The franchise concept allowed the company to grow with minimal capital expenditure and receive royalties and fees. Burger King went above and beyond and created a new model of its restaurant to attract mo...
Not having to answer to a corporate boss is the dream of many and the flexibility that owning a business franchise creates provides this option. Success is not reached by simply creating a business, however. The level of success is measured by the size and efficiency of the business. Business growth is the driving force of the economy. The additional jobs and revenues created when a business expands allow the economy to grow at exponential rates. One of the fastest and most popular ways to increase the size of a business is to turn it into a franchise, which can then be purchased by individuals. Franchising provides opportunities that are beneficial to both the parent company and the purchaser. The company that owns the business can expand without having to pay such a large initial cost to open a new store since the franchise purchaser pays a cost to open the business. As well, the company can regulate many of the business activities so that there is a sense of consistency throughout all of the locations. The purchaser is allowed to use the trademarks and goods of the franchise which already have a large market presence. As well, they are provided with training and work standards by the company to help their business run smoothly (Kalnins & Lafontaine, 2004, p.761). Looking at the business model of the world’s largest food retailer, McDonald’s, provides great insight into franchising and business growth in general as well a better understanding of a global business that utilizes the franchising technique.
Manufacturing Franchise: These types of franchises provide an organization with the right to manufacture a product and sell it to the public, using the franchisor’s name and trademark. This type of franchise if found most often in the food and beverage industry. Most bottlers of soft drinks receive a franchise from a company and must use its ingredients to produce, bottle, and distribute the soft drinks.
Making the decision to open your own business is a major life event. Starting a new venture can be exciting as well as rewarding. The first step to becoming a business owner is choosing the type of business you would like to run. This business can be something that you have wanted to start up yourself or you can go with an established franchise. Are you willing to share the profits in exchange for the relative safety of a franchise or would you prefer the risk and rewards of pursuing your own vision? Franchising is a continuing relationship wherein a franchisor provides a licensed privilege to the franchisee to do business and offer assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration
The first step in any business is to think of or create a business idea. Without an idea, one cannot launch their business off the ground. A right direction is needed to create a business with a unique idea. However, other options include franchising or buying an existing business (1). Franchising allows an individual to run stores such as Burger King or McDonalds under the corporate name. It involves taking training classes and a heap of money in order to start a franchise. A Franchisee will have to buy products and services from the corporate entity they are franchising from, which is often required. Buying a franchise is like taking a piece of the pie from the company that is franchising and sharing that pie with everybody else. In addition having a franchise allows one to communicate and in essence become a big part of an added business opportunity (4). Franchising is far from easy to start and maintain for that matter. Starting a franchise involves a l...
A franchise is simply investing money in a location or store, and then having the store become your own business after learning how to manage the entire business. You earn the majority of the profits, and you also don't have to worry about operations. You'll be taught by the company on how it run the entire business, and this is the reason why this is a huge and very easy way to become rich. Franchises require quite a hefty investment depending on the business you plan to buy. However, if the business is in high demand, there is profits to be made. Take for exMple the Cold Stone Creamery business. Countless people purchase one of their many franchises. The money is very good, the opportunities are endless, and the fact that there is no more need for advertising is what makes this more worth the investment in the long
Chakravarty, C. (2007). Burger King Likely to Adopt Franchise Model in India. The Economic Times, retrieved from: http://articles.economictimes.indiatimes.com/2007-01- 05/news/28458380_1_burger-king-restaurants-key-franchisees