Franchises

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6 Terms

1
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Define a Franchise

its a business to business contract to license the use of a brand and its processes

2
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Define a Franchisor

the business providing the product or service

3
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Define a Franchisee

the independent business with the rights to use the business name and model to sell the franchisor’s goods or services

4
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Describe a Franchise

  • franchise agreement which is the legal contract between a franchisor and franchisee

  • franchise fees

  • proven business model

5
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Advantages of a Franchise

  • low start up risk

  • immediate brand recognition

  • support from franchisor

6
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Disadvantages of a Franchise

  • limited decision-making power

  • reduced profit margins

  • dependency on the franchisor

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