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TOPIC 3: FRANCHISING AND THE ENTREPRENEUR - Coggle Diagram
TOPIC 3: FRANCHISING AND THE ENTREPRENEUR
franchising
semi-independent business owners
types of franchising
pure (business format)
tradename
product distrubution
benefits of franchising
business system
management training and support
brand name appeal
standardized quality of goods and services
national advertising program
what franchisor want in franchisees
people skills
ability to be coached
general busniness skills
access to capital
entrepreneurial mindset
specific industry skills
ditecting dishonest franchisors
claims that the contract is "standard: no need to read it"
failure to provide a copy of the required disclosure documents
poorly prepared operations manual
unusual amount of litigation by franchisees
promises of future earning with no documentation
no written documents
high pressure sale
how to buy franchise
preparation, common sense and patience are vital ingredients in choosing the right franchise
research the market
consider your franchise options
get a copy of the franchiser's uniform, franchise disclosure document (UFDD) and study it
how to buy franchise
talk to existing franchisees
ask the franchiser some tough questions
make your choice
franchise contracts
termination
renewal
transfers and buybacks