Essay Exploration of Franchising

Essay Exploration of Franchising

Length: 1025 words (2.9 double-spaced pages)

Rating: Good Essays

Open Document

Essay Preview

Exploration of Franchising

Definition
Franchising offers an excellent opportunity for you to be in business
for yourself. When you hear the word " Franchise" you probably think
of fast food restaurants such as Burger King, McDonald's or Subway.
But the truth is Franchising is so much wider than that.

In simplistic terms, franchising is where a successful business format
is replicated. This will involve the setting down into an operations
manual all the systems and procedures that the business owner has
found gives them the best chance of success. Anyone joining the
franchise will be expected to operate the business exactly as set out
in the manual.

The purchase of a franchise will involve the payment of an initial fee
to the franchisor for the right to use the brand name as well as
ongoing royalty or management fees. The franchisor will provide
initial training and support and will have an ongoing involvement in
your business to assist you and support you in all aspects of the
franchise operation.

The Practical Elements

Compared to starting your own business from scratch franchising can
provide a relatively safer route into self employment. The franchisor
has established a tried and tested path through the maze, and will
have eliminated many of the mistakes that are often made when starting
a business. It is this experience and system that you are paying for
when you buy a franchise.

One element with franchising to be wary of is also part of
franchising's strength. As a franchisee you will be expected to follow
the system that you have purchased. This can be difficult if you are
an entrepreneur. Franchisor's ...


... middle of paper ...


...ed a finance package. The entrepreneur trying to start a
business will find finance more difficult to arrange and any finance
will often be on less favorable terms.

Business Reviews and Business Planning
Many Franchisor's will hold review meetings with you to discuss all
aspects of the business. You will be able to check your progress,
celebrate your successes and plan for the future. One of the major
reasons for business failure in the past has been due to lack of good
business advice.

Buying Power and Research
When you are building a business it is difficult to be able to spare
time on product research. As part of a franchise network much of the
product research and testing process will be carried out for you. It
is also possible to take advantage of group buying discounts and
better terms from suppliers.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Swot Analysis : Mcdonald 's Corporations Around The World Essay

- “Our aim is to provide a fun and safe environment where our customers can enjoy good food made with quality ingredients at affordable prices.” In McDonald’s corporations around the world, this is the mission statement. Keeping in mind ultimate goal to comprehend McDonald 's structure and society and why they keep on being the world 's biggest eatery network I constructed a SWOT diagram that permitted me to consider each measurement included in the business level and corporate level methods. My exploration showed more feasible qualities than shortcomings....   [tags: Hamburger, McDonald's, Franchising, Fast food]

Good Essays
722 words (2.1 pages)

Franchising And Marketing Management : Toyota Essay

- US 6412 Franchising and marketing management harpreet brar Student ID 15101 Task 1 Toyota is a big car company in world Toyota have a franchises all over the world normally Toyota is famous for good cars day by day this company going is growing and nowadays Toyota also start design electrical goods and other so ,any things .this company stablish in 1867 . and now this company is in all over the world and mostly Toyota have franchises in every country and individuals also have good experience with this company ....   [tags: Marketing, Franchising, Franchise, Sales]

Good Essays
3847 words (11 pages)

The Pros And Cons Of Franchising Essay

- In modern days,business models are expanding through out the world and one of the most known business model is franchising. Franchising has shown a dramatic growth since it offers many significant advantages when compared to other distribution methods. When a new entrepreneur starts investing into business,it is necessary for one to consider the pros and cons of all option. The best method to achieve success is to venture into a franchise. This is because franchise system is able to gain more capital without encountering a significant number a bills for rents,staff and credit intrigue which tend to deplete away the profits of conventional business (Stanworth et.al,2004,p.554)....   [tags: Franchising, Marketing, Franchise, Business model]

Good Essays
857 words (2.4 pages)

Subway 's Current Franchising Process Essay

- Subway Report Executive Summary This report has examined the current franchising process in which Subway adhere to, while also indicating to subway that they could improve their franchising method by monitoring and controlling franchisees operations, while providing assistance and support throughout. Moreover, this report highlights the cultural challenges, such as; legal systems, laws and regulations, language barriers and the cultural differences with regard to Subways menu. Lastly, the recommended alternative approach Subway can use in conjunction with franchising, in order to gain a competitive advantage, is to export their products into supermarkets overseas....   [tags: Franchising, Business model, Marketing]

Good Essays
3072 words (8.8 pages)

Franchising Essay

- As firms continue to expand their operations, they have often relied on franchising to create a more prominent presence nationwide. While franchising may seem to be a natural business practices, it is not without its share of benefits and hindrances. In the case of benefits, franchised firms have their brand’s pre-attached reputation which facilitates attracting customers as they already know the brand compared to an independent establishment. This assists in reducing advertising costs as they are spread nationwide and does not require introducing customers to the brand....   [tags: Business, Marketing, Management, Franchising]

Good Essays
753 words (2.2 pages)

Benefits Of Franchising System In Turkey Essay example

- Benefits Of Franchising System In Turkey Franchising system has lots of adventages for economic growth of Turkey such as it creates job opportunity , competition improves the domestic campanies and global campanies brings many adventages. FRANCHISING IN TURKEY Franchising is one of the most important ways for global campanies and Turkey is seen as a profitablemarket for international franchisors.In Turkey , there are many franchisors in different sectors.Especially, Turkey's geographic position between Europe and Asia is a important adventage for foreign investors.Moreover , Turkey's population that has reached to 70 million people creates a vaste number of customer...   [tags: Turkey Business Franchising]

Free Essays
1527 words (4.4 pages)

Franchising Subway Essay

- Franchising Subway Franchising has attracted some 34,000 people in the UK to invest in their future in self employment. Here are 15 reasons why franchises offer an attractive business opportunity. 1. Established brand value. Prior to launching a franchise, the franchisor has developed and established attractive and meaningful branding for the operation, and as the network of franchisees expands the national recognition of this brand grows. When a franchisee enters into a mature franchisee network, they will benefit from the national name recognition the brand has built when it comes to their own marketing initiatives, while even new launch franchises have invested in professionally designed...   [tags: Subway Business Franchising]

Good Essays
1608 words (4.6 pages)

What Makes Franchising More Attractive Than Starting Up A New Business From Scratch

- Initial-and-ongoing-support Initial and ongoing-support is one of the most important aspects in developing a franchise system. What makes franchising more attractive than starting up a new business from scratch is that they do not need to have any background knowledge in the industry as franchisors will have the system and provide the support to get them started. All successful franchises have excellent support for their franchisors, and this is also one of the aspects of attracting franchisees....   [tags: Franchising, Franchise, Marketing]

Good Essays
1129 words (3.2 pages)

Reasons for Exploration Essay

- Reasons for Exploration Before the Age of Exploration, little was known to the Europeans of the outside world. There was the misconception that the earth was flat and finite. Likewise, in accordance to the Bible, people thought that the earth was 7/8 land. From this belief it was thought that any voyage around Africa to India would be impossible, as it was suggested that landmass would obstruct any vessel. As well there was no knowledge of the existence of the Americas or Australia. However, it was these misconceptions that gave explorers such as Columbus reasoning to sail west to go east....   [tags: Age of Exploration]

Good Essays
547 words (1.6 pages)

Essay about Franchising

- Franchising A franchise, by definition is a legal agreement that allows one organization with a product, idea, name or trademark to grant certain rights and information about operating a business to an independent business owner. In return, the business owner (franchisee) pays a fee and royalties to the owner. This one-time fee paid by the franchisee to the franchisor is referred to as a franchise fee. The fee pays for the business concept, rights to use trademarks, management assistance and other services from the franchisor....   [tags: GCSE Business Marketing Coursework]

Good Essays
1407 words (4 pages)