Besides numerous benefits to count upon, franchising always has a definite edge over other modes of expansion like adding satellite locations that requires emulating an established business model wherein the entire effort ensues from the company itself.
Besides numerous benefits to count upon, franchising always has a definite edge over other modes of expansion like adding satellite locations that requires emulating an established business model wherein the entire effort ensues from the company itself. The following shows the areas where franchising is in a more advantageous position:
It is not necessary to be unique and large to franchise and the examples are plenty. In the education segment, franchise is a well accepted business model that hardly offers any uniqueness. Also, numerous business houses started small only to grow big through franchising. Business enterprises like VLCC, VETA, EuroKids, Jumbo King, Medicine Shoppe, Ferns & Petals and Koutons, which grew from scratch, vouch for the effectiveness of franchising
Are you ready?
Prior to opting for franchising, a company should make a thorough evaluation of the following criteria:
Franchise offers flexibility in changing situations—depending on the situations, franchise opportunities vary in terms of products and services. But on the face value, it is preferable to meet the conditions discussed above. However, franchising does offer flexibility to fit in a revised situation after some modifications to the benefits of both the franchisor and franchisees.
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