Franchise Things
Why would you start a Franchise and not start your own business idea?
A Franchise is almost guaranteed success. There is a low risk of failure, the benefit of an already established brand, established marketing, and easy access to proven business models and continuous support.
Three advantages of a franchise.
Brand recognition, proven business model, and ongoing support and training.
Three disadvantages of a franchise.
Initial and ongoing fees, limited control, and dependence on the franchisor’s success and reputation.
Three examples of franchises.
McDonald's, Domino's, Dr Lal Pathlabs, FirstCry, VLCC, Kidzee, Jockey, Delhivery, Lakme, Chick-fil-A, Subway, KFC, 7-Eleven, Starbucks, Pizza Hut, Hertz, RE/MAX, Taco Bell, Arby's, Burger King, and KFC.
What is a franchise?
A franchise is a contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
The ability of consumers to identify a specific brand, often through visual or auditory cues like logos, packaging, or slogans. The main benefit of franchises.
Brand recognition
What is the designated geographic area granted to a franchisee in which they have the exclusive or semi-exclusive right to operate called?
Territory
Which has more locations, Subway or McDonalds?
Subway
Fill in the blank: To ensure brand consistency and quality service across all locations, franchisers frequently employ ____ who evaluate the customer experience.
Mystery shoppers
Following the franchiser's established way of doing things, including guidelines for running the business and branding, is known as this.
The business model or system
Fill in the blank: A new franchise outlet opens every ___ minutes in the US.
8
What unique milestone did Anytime Fitness achieve?
Having a gym on the continent of Antarctica, specifically on a cruise ship, making it the first franchise to have a presence on all seven continents.
What is a franchisee?
The person who is buying the right to operate under the franchise using their business plan.
What is a franchisor?
The business/brand itself
This organization was founded in the 1960s and plays a significant role in advocating for and setting ethical standards within the franchise industry. The abbreviation is IFA but what is the full name?
International Franchise Association