would love to share all about franchising with u guys on ma blog. learning about franchising is very interesting! and educating . hope you enjoy it .
Franchise is a license given to an
individual or group of individuals to set up their own business with a
company’s trade name or trademark within a certain location or area.
a franchisor is a company that gives individuals
or group of individuals the right or license to use its trademark to be able to
set up their own business. Franchisee is an individual or group
of individuals that makes use of a company’s trade name or trademark to set up
his/her/their business.
Advantages of franchising include;
i)
Brand-name
appeal
ii)
Financial
assistance
iii)
Training
and guidelines
iv)
A
proven track record
i)
Brand
name appeal- in franchising, an individual or group of individuals that
purchases a popular or well-known company’s trade name is of great advantage
because the company’s name attracts people to his/her business.
ii)
Financial
assistance- franchising is a good investment as the franchisor might help in
assisting the franchisee financially in starting up a business until the
franchisee’s business is doing well and successfully.
iii)
Training
and guidelines-franchising helps in training and guiding a franchisee in
setting up a successful business, the franchisee acquire skills and advice from
the experienced franchisor and this of great advantage.
iv)
A
proven-track record- one advantage of franchising is that, the franchisor has
shown records of success in his/her business which has been running smoothly
for years and with that record, the franchisee is sure of the success of
his/her business also.
6) Examples of franchises include; pizza
hut – which is located in America and in 94 other countries around the world.
ii) An example of
franchise in Nigeria is KFC (ken tuckey fried chicken).
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