FRANCHISING – A SMART BUSINESS SOLUTION
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FRANCHISING - A SMART BUSINESS SOLUTION
Guide: Dr Rashi Mittal
BACHELOR OF BUSINESS ADMINISTRATION
SCHOOL OF BUSINESS
Franchising is a popular business model that has gained momentum in recent years. This report explores franchising as a smart business solution, covering its benefits, challenges, and success stories. The report analyzes the various types of franchising models, including product distribution, business format, and management franchising, and provides real-world examples of their success and failures.
One of the significant advantages of franchising is risk minimization, where franchisees benefit from the established brand reputation and proven business model. Additionally, the report highlights the access to training and support that franchisees receive from the franchisor. Market demand is another crucial advantage, with established brand recognition leading to higher consumer trust and loyalty.
The report compares franchising with independent business, covering cost comparison, success rates, and brand recognition. The success and failure stories of franchising demonstrate the importance of thorough research, careful selection of the franchise model, and effective communication between franchisors and franchisees.
In conclusion, franchising offers numerous benefits for aspiring entrepreneurs, including risk minimization, established brand recognition, and access to training and support. While there are challenges to consider, such as limited creativity and contractual obligations, franchising remains a smart business solution for those who are willing to put in the effort to make it work.