Franchising
The legal term for the "franchise seller"
Who is a franchisor?
Something people must have to survive, like food or water.
What is a need?
Improving an existing item, perhaps at a lower price.
What are Existing Products/Services?
An exact sample of how the final product will look and move.
What is a working prototype?
To be a good business opportunity, a business idea must meet a consumer need or want and do this.
What is make a profit?
An ongoing payment based on a percentage of sales.
What is a royalty fee?
A product or service that people strongly desire.
What is a want?
Name 2 places to look for opportunities (e.g., Trade Shows)
What are Newspapers, Agencies, or Trade Resources?
Legal document used to keep sensitive info confidential.
What is a Nondisclosure Agreement (NDA)?
This is the name for the period of time you have to act on a business opportunity before it disappears.
What is the window of opportunity?
One of the two main downsides of buying a franchise.
What is High Fees (or Less Freedom)?
A consumer need/want that might be met by a new business.
What is a business opportunity?
If a screening question is "no," you must do this to your idea.
What is a pivot?
This nail was designed to resist being pulled out during earthquakes.
What is the HurriQuake Nail?
If you answer "no" to any of the five screening questions, an entrepreneur must do this to their initial idea.
What is pivot (change or revise the idea)?
The success rate of franchises is often estimated at this or better.
What is 90%?
The period of time you have to act before an opportunity is lost.
What is the window of opportunity?
An external source where an entrepreneur solves a consumer's issue.
What are Problems?
The software used to make electronic drawings of inventions.
What is CAD (Computer-Aided Design)?
One screening question asks: "Do you have the resources and ______ to create the business?"
What are skills?
The legal term for the "franchise buyer"
Who is a franchisee?
Someone who is licensed to sell businesses.
Who is a business broker?
Name the four internal sources of opportunity.
What are Hobbies, Interests, Talents, and Skills?
A model on which future reproductions are based.
What is a prototype?
This is the main difference between a business idea and a business opportunity.
What is a business opportunity is a consumer need or want that can potentially be met by a new business (not every idea is an opportunity)?