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Topic 6: Franchising - Coggle Diagram
Topic 6: Franchising
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Ten Myths of franchising
- Franchising is the safest way to go into business because franchises never fail.
- I’ll be able to open my franchise for less money than the franchiser estimates.
- The bigger the franchise organization, the more successful I’ll be.
- I’ll use 80 percent of the franchiser’s business system, but I’ll improve upon by substituting my experience and know-how.
- All franchises are the same.
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- I don’t have to be a hands-on manager. I can be an absentee owner and still be very successful.
- Anyone can be a satisfied, successful franchise owner.
- Franchising is the cheapest way to get into business for yourself.
- The franchiser will solve my business problems for me; after all, that’s why I pay an ongoing royalty fee.
- Once I open my franchise, I’ll be able to run things the way I want to.
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Semi-independent business owners (franchisees) pay fees and royalties to a parent company (franchiser) in return for the right to become identified with its trademark, to sell its products or services.