Franchising and Entrepreneurship: Types and Benefits
The different types of franchising businesses, such as single unit and master franchise, along with the potential benefits for both franchisors and franchisees. Discover how franchising contributes to national economic growth, employment, and innovation, and learn about the advantages it offers to entrepreneurs. Gain insights into the unique partnership between franchisors and franchisees, each playing a vital role in fostering business success within the franchising model."
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Presentation Transcript
Chapter 7: Franchising and Entrepreneurship
Types of Franchising Business format franchising: Single Unit Multiple Unit Area Franchise Master Franchise
The Potential Benefits of Franchising National economic benefits Franchisor benefits Franchisee benefits
National Economic Benefits Creates employment Contributes to tax revenue and GDP Encourages capital investment and stimulates economic growth Encourages the transfer of knowledge and innovation between countries Contributes to local tourism development or regeneration by stimulating entrepreneurship and innovation
Franchisor Benefits Access to financial resources of franchisees to support network growth Access to human capital to support network growth Access to local market knowledge of franchisees Greater brand awareness Greater control of network as franchisees have vested interest
Franchisee Benefits Access to a recognised brand name Access to the knowledge required to operate their franchised unit Ability to open own business quickly Access to a ready made customer base Access to ongoing operational and marketing support
Franchising and Entrepreneurship Franchisors as entrepreneurs Develops business concept after identifying opportunity Franchisees as entrepreneurs Conflicting opinions Antithesis of entrepreneur vs. motivated, risk- taking innovators Franchising as an entrepreneurial partnership Entrepreneurial orientation
