By Scott A. Shane
During this booklet, Dr. Scott A. Shane systematically is helping companies check the professionals and cons of the choice to franchise. This e-book focuses squarely at the matters and demanding situations confronted through franchisors. Shane solutions key questions comparable to: What do profitable franchisors do otherwise from unsuccessful franchisors? Why perform a little businesses in an decide to franchise whereas their rivals do not? How does the choice to franchise impact your skill to compete with organisations that do not? For companies that decide to movement ahead, Shane offers confirmed ideas for each element of establishing a winning franchising method, together with: recruiting, opting for, dealing with and assisting franchisees; setting up territories and pricing; coping with enlargement; and navigating the original felony and institutional demanding situations of franchising.
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Additional resources for From Ice Cream to the Internet: Using Franchising to Drive the Growth and Profits of Your Company
By operating in a variety of different geographic markets where performance between outlets is uncorrelated, companies can reduce their risk. As long as sales and profit increases in one market are matched by sales and profit declines in another market, the overall performance of a firm will be stable, despite fluctuations in local markets. 11 Franchising can also be used as a strategy to pass off risks of third parties, such as those of customer liability or those created by lowwage workers. By franchising, companies can make employment of workers in an outlet the responsibility of independent companies.
15 provides a mechanism for lowering the costs of building a company’s brand name. In addition, brand names provide a way for customers who have little information about providers in particular markets—such as tourists looking for a meal—to ensure quality. By providing a common brand umbrella for businesses operating in unfamiliar areas, you can ensure that your customers will know what they will experience before they pay for that experience. That, of course, makes them more willing to commit to purchasing your product or service.
For example, in the restaurant industry, in which each outlet might cost $500,000 to establish, the ability to franchise might make it possible to create a chain of 100 outlets, requiring $50,000,000 in capital, all paid for with franchisee money. Moreover, franchising allows the franchisor to avoid raising a large amount of debt to create the chain of outlets. Minimizing the acquisition of debt, in turn, reduces the degree to which a company is leveraged. This is valuable to companies because companies need to make fixed-interest payments on a regular basis.