what are some of the advantages of opening a franchise business quizlet?
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What are the advantages of a Business Franchises? Management training and support, standardized quality, national advertising programs, financial assistence, and centralized buying power.
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['Franchising provides expansion capital. The need of capital to grow is largely eliminated. ... ', 'Avoids employee related problems. In a company-operated store, the manager and employees are on the company payroll. ... ', 'Accelerates expansion over a wide area. ... ', 'Franchisee operators are motivated to succeed.']
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['Your business is open around the clock. ... ', 'You can maximize reservations. ... ', 'You get paid quicker. ... ', "You're not tied to a phone. ... ", 'You can effortlessly up-sell add-ons. ... ', "It's easy to manage your calendar. ... ", 'You get valuable insight about your business.']
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['better brand recognition.', 'positive business reputation.', 'increased sales and customer loyalty.', 'operational costs savings.', 'better financial performance.', 'greater ability to attract talent and retain staff.', 'organisational growth.', 'easier access to capital.']
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['Provide a Competitive Advantage in Terms of Customers. ... ', 'Improve Employee Happiness. ... ', 'Attract More Investors. ... ', 'Better for Society. ... ', 'Limited Ability to Maximise Profit. ... ', 'Time Consuming to Implement the Practices.']
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['(1) Huge Financial Resources:', '(2) Efficient Management:', '(3) Limited Liability:', '(4) Transferability of Share:', '(5) Diffusion of Risk:', '(6) Stability:', '(7) Public Confidence:', '(8) Scope for Expansion:']
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['Limited Personal Liability. ... ', 'Less Paperwork. ... ', 'Tax Advantages of an LLC. ... ', 'Ownership Flexibility. ... ', 'Management Flexibility. ... ', 'Flexible Profit Distributions.']
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['E-Business Saves Money. ... ', 'Better Communication and Faster Decision-Making. ... ', 'The Office can be Anywhere. ... ', 'Cheaper Marketing, More Control. ... ', 'Less Restrictive Hours. ... ', 'More Avenues for Making Money.']
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['Advantage: You are your own boss. You are free to work (or not) as you please. ... ', 'Disadvantage: You are your own boss. ... ', 'Advantage: You get to keep all the profit. ... ', "Disadvantage: You'll need to fight hard for these profits. ... ", 'Advantage: Fewer meetings and bureaucracy. ... ', 'Disadvantage: less certainty. ... ', 'Advantage: more passion.']
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['Will the franchisor help me find a good location? ... ', 'Can you tell me more about your training program? ... ', 'Can you provide extra financial assistance? ... ', 'How are disagreements resolved? ... ', 'Other Articles From AllBusiness.com:', "What's a typical day like for your franchise?"]
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['Advantage of Selling Stock: Cash to Grow Your Business. ... ', 'Advantage of Selling Stock: No Debt Repayments. ... ', 'Disadvantage of Selling Stock: Giving Away Ownership. ... ', 'Disadvantage of Selling Stock: Dividend Payments.']
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A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name.
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['Advantage: Financial Rewards. ... ', 'Advantage: Lifestyle Independence. ... ', 'Advantage: Personal Satisfaction and Growth. ... ', 'Disadvantage: Financial Risk. ... ', 'Disadvantage: Stress and Health Issues. ... ', 'Disadvantage: Time Commitment. ... ', 'Try a Side Hustle.']
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['Less risk. Advantage.', 'Training and support. Advantage.', 'Brand recognition. Advantage.', 'Easier access to funding. Advantage.', 'Cost. Disadvantage.', 'Lack of control. Disadvantage.', 'Negative halo effect. Disadvantage.', 'Growth challenges. Disadvantage.']
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When you start your own business, you're in control over every detail, large and small. With a franchise business, you sign an agreement to follow the rules laid out by the franchisor.
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As with the other legal forms of business, the advantages and disadvantages of a franchise need to be balanced and considered before starting your new business. The main advantage is clearly the security, but the disadvantage of the costs and reduced profit and control might put people off.
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['Cost of Start-up. ... ', 'Control vs. ... ', 'Profits—to Share or Not to Share. ... ', 'Taxation. ... ', 'Entrepreneurial Ability. ... ', 'Risk Tolerance. ... ', 'Financing. ... ', 'Continuity and Transferability.']