A style of business entrepreneurship,
under which the franchisor, for a fee or
other remuneration, grants to the
franchisee, for a term, the right to sell
goods or services perfected by the
franchisor, according to a plan, utilizing
the franchisor’s name, logo, and methods of
expertise.
Franchising provides the small business
person with a ready-made image, start-up and
operating support mechanisms, and technical
expertise in marketing. The extent of
franchisor involvement varies in the
marketplace depending on the specific
service or product offered. The fastest
growing franchises are those that offer a
comprehensive business format, including
training and ongoing management support.
Participation in a franchised system gives
the buyer insider knowledge of the industry,
expert assistance in site location, and
fully-developed operating and marketing
techniques. Franchising succeeds for many
reasons including co-operative advertising,
collective buying power, rapid market
penetration, and widespread visibility.
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