franchising your business

A business (also called firm or an enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises. Socialistic systems involve either government, public, or worker ownership of most sizable businesses.....

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Number of franchising your business Topics: 5

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100% Q: To globalize a business, is franchising a convenient route? Give reasons for your answer. Discuss with an appr

To globalize a business, is franchising a convenient route? Give reasons for your answer. Discuss with an appropriate example, various types of franchising options available to an Indian organization to go global.

A:why. u dont even have the courtesy to say please. be courteous first and then expect some help.

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100% Q: Explain the scenario of franchising business in your country. Do you think franchising business has good poten

Introduction & history of franchising in your country; the potential of this business; franchising business support system in you country; some examples of government agencies that help to support & promote franchise business; Advantages & disadvantages of franchise business; Preparations required to become a franchisee; Conclusion; References.

A:I will do my best to answer some of these questions. First off franchising started to take off in the 1950s. The advantages to franchising is it has a proven track record and support system. Franchises very seldom fail, which makes it quite attractive to become a franchisee. The disadvantage to franchises is that they take a cut of all sales and profits. Also they take a franchise fee to get started in a franchise. The benefits of this to you is that the owner of the corporation would like you to succeed so they can keep the profits comming into them. The chamber of commerce as always looking to help businesses succeed in the town that it serves because when a business succeeds they generate more revenue for the town. The advantages to owning your own business and not having a franchise is obvious...you don't have to pay anyone a cut of your gross. However you don't have a support network, and the odds of you succeeding are stacked against you. Another disadvantage to franchises is many times you have a decreased freedom in what you can offer since it must fall within their set standards. Preparations for becoming a franchise usually mean you have liquid cash available and can purchase the franchise fee. Also you must attend their classes and many times work at one of their franchises before you start your own. This gives you a feeling on how a successful franchise is run. Conclusion is it is VERY good to own a franchise. It is an almost guarenteed success, plus franchises often offer promotions and commercials at no cost to you (except the ammount collected from gross sales). Take for example the success rate of a franchise Jimmy Johns....Last time I checked (2002) they had 100 franchises and off the 100, 2 had closed...of the 2 that had closed 1 had been relocated and was successful. This would equate to a 99% chance that if you owned a Jimmy Johns you would be successful. Versus starting your own business with a 5 year rate of success for small business at 10%.

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100% Q: About how much does it cost to open your own franchise business?

I'm thinking I might try to open a franchise business years from now when I'm ready and all...but before I even think about it..about how much money do you need at the beginning? I'm thinking about opening up some sort of food place...

A:Approximately $100,000 to $500,000. Good luck in your new business!

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100% Q: How long do you have to be trading before you franchise your business?

I have an idea for a business start-up, however it seems to me it would work most effectively as a franchise. It would require work being done in every part of the country which is more than I could handle myself. Would I be able to franchise my business as a start-up, if I was providing a system to franchisees that they would most likely to be unable to replicate themselves?

A:It's not time dependent, but rather when you can show a proper ROI. ~

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100% Q: What are the cons of franchising out a successful business?

I want to venture into franchising. I had a prospect, a car accessories chain. When I inquired, I was told that all their outlets were company-owned and that they don't franchise out their business. I don't understand why. Will a particular company spend extra if they venture into franchising? Help please.

A:There are plenty of good books and magazines on franchising. The problem with franchising is simple - there are likely to be lawsuits when the franchise occasionally fails - even McDonald's has failures. There is an ethos for the group. There need to be sophisticated management skills. It is a completely different and more complex business.

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