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Articles on franchise

Extracts from this document...

Introduction

Contents > What Is Franchising? > History Of Franchise > Why Buy A Franchise? > Franchise Statistics > Franchise Facts > UK Growth And Opportunity For Franchise > Franchise Fee > The Advantage Of A Franchise business To A Franchisee And Franchisor > The disadvantages Of A Franchise Business To A Franchisee And Franchisor > Features Of A Franchise Business > Quality A Franchisee Requires > Ten Common Mistakes Made By A Franchisee > Legal Agreement Between The Franchisee And Franchisor > The British Franchise Association > The Importance Of A Brand Name > The Importance Of Advertising > The Importance Of Marketing > A Business Plan And It's Significance > Frequently Asked Questions > Franchise Articles > Survey > Brief History And Development Of Favorite Chicken & Ribs > Interview With Favourite Chicken & Ribs > What Is A Sole Proprietor? > Problems A New Business Faces > The Advantages And Disadvantages Of Being A Sole Trader > Important Issues For A Sole Trader > Essential Qualities To Become A Successful Sole Proprietor > Interview With Mars a day... > Latest Information On Business > Key words > Useful Contacts > Comparison Of A Franchise Business And A Sole Proprietor Business > Conclusion > Bibliography What Is Franchising The term franchise covers a wide range of arrangements under which the owner of a product, process, service or even just a name (e.g. sportsman) will issue a license to make or use something in exchange for some form of payment Here are some various types of franchise businesses (which are common to business format franchise): > A license to a manufacture a certain product within a certain territory and over a given period of time, have access to any secret process this involves and the use of its brand name in exchange for royalty on the sales. > The use of a celebrity name to enhance the sales with the guarantee of the product. ...read more.

Middle

and A development capital (costs as the business develops). If you are buying a franchise business you will need to identify the strengths and weaknesses of the business to decide if you can make it a success. A typical business plan will contain the following: > Details of the business- name, location, physical size of business, statue etc. > Goals and objectives-An aim you will want to achieve i.e. break even within the first 18 months of trading. > Present state of the market - State of the market in terms of sales volume or revenue, location of the market and prospect for further growth. > Customer profile- Intended customer targeted and defined perhaps according to their income, sex, location etc. > Competition analysis- A detailed analysis of competitors products and strengths and focus on being better. Pricing Policy and promotion and advertising should also be included. > Projection of sales volume and revenue in the short and long term- Objectives and including statements concerning the projection of sales. > Present orders- Banks will take new businesses more seriously if there is evidence of present orders. > Assets and required financing- Any proposed expansions which will include assets (new machinery and storage space) requiring financing. > Staff- Amount of staff intended to be employed in the future and the skills, ambition and background of the staff. > External factors- Ex. Are interest rates rising. > Ownership- All the owners and the amount of percentage they put in the business and what will be the expected return amount to the owners. > Financial forecast- Projection of profit and cash flow so A bank can focus on it when extra finance may be required. Frequently Asked Questions What is business Format Franchising? Business format franchising is when the franchisor allows for the franchisee to make use of the current plan or format and a complete system of doing the business. ...read more.

Conclusion

also in favour of franchise businesses as 33 out of 47 people would open a franchise business if they had the opportunity to open a franchise business or a sole proprietor business. The articles I studied also gave me a good understanding that franchise is a successful business formula if you have the qualities to capitalise on the products and/or services and advantages already provided to you by the franchisor when you start the business. My research shows me that the advantages overshadow the disadvantages and some of the disadvantages don't even appear with some of the franchise trades nevertheless there are many fees you will have to pay initially and continuously and you won't be in total charge of the business as most of the issues will have to be discussed with the franchisor before proceeding and you could describe these two disadvantages as the biggest downfalls however if you are strongly against the fees, there are some franchise businesses who don't charge royalties like ChipsAway and there are other franchisors who give their franchisees 100% freedom and mainly back their decisions. I am trying to point out that some of the downfalls which are associated with franchise is not included with all franchise businesses. Also look at the advantages a franchisee receives in advertising, marketing and brand name alone, which are very useful and particularly in the early stages of a franchisees career. The advertising and brand name will help in many issues like increasing the sales so will the marketing but this will also help to develop new products. Finally, I do think a franchise system provides an ideal opportunity for a small business to operate as it is the closest to any business which can guarantee success and this is proven by the statistics and facts for the present time. There are downfalls in the franchise business as is there in any other businesses but many can be avoided if you make the correct decisions in choosing your franchise business. ...read more.

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