Franchises.

Slides:

Advertisements

Similar presentations

ENTREPRENEURSHIP I. Business owners are excited about peoples similarities. Why? Grouping is how marketers discover the best ways to match products with.

Advertisements

Career and Financial Management

Chapter 37 What is Entrepreneurship?. Entrepreneurship Entrepreneurship - Is the process of starting and managing your own business. Entrepreneurs – are.

Introduction to Business

ENTREPRENEURSHIP I. Business owners are excited about people’s similarities. Why? Grouping is how marketers discover the best ways to match products with.

1 ENTREPRENEURSHIP, 4/e By Lambing and Kuehl PRENTICE HALL ©2007 by Pearson Education, Inc. Upper Saddle River, NJ Chapter 5: Franchising and Other.

Select a Type of ownership

B. OVERVIEW OF SMALL BUSINESS

Lesson 4.2 OWN A FRANCHISE OR START A BUSINESS

PowerPoint Presentation

What Is a Business Opportunity Chapter 6 Section 2 continued.

ENTREPRENEURSHIP Unit 1.3 Students will explore entrepreneurial opportunities.

Business Ownership and Operations

Chapter 4.2 Own a Franchise or Start a Business

Objectives/Standards Compare and contrast different types of partnerships Analyze the advantages of partnerships Analyze the disadvantages of partnerships.

Chapter 4.2 Own a Franchise or Start a Business

OWN A FRANCHISE OR START A BUSINESS

SELECT A TYPE OF OWNERSHIP

Proprietorship forms of business ownership partnership corporation.

LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 2 SELECT A TYPE OF OWNERSHIP An Existing Business A Franchise.

B. OVERVIEW OF SMALL BUSINESS 3.00 Explain the legal environment of small business Compare forms of business ownership. (The logos used in this PowerPoint.

Analyze the Needs of Customers How Market Segmentation Can Help an Entrepreneur analyze a Target Market.

Types of Business Ownership

Warm-Up Complete Global Business Projects! You have until 9:45!

Business Organizations. Starting a Business  Entrepreneurs : people who decide to start a business and are willing to take risks  Entrepreneurs should.

Section 3  A Corporation is a legal entity owned by individual stockholders. › Stock is a certificate of ownership in a corporation.

Name one type/form of business ownership

Chapter Becoming the Owner of a Small Business 4.

Being a Business Owner Section 4.2.

Marketing Part II Indicator 1.04 – Employ marketing information to develop a marketing plan.

SELECT A TYPE OF OWNERSHIP

Franchising How Franchising Works Franchise Library Click on subtitles for further information.

 When most people think about going into business they think about starting up their own business. But purchasing an existing business can be a good.

B. OVERVIEW OF SMALL BUSINESS

Entrepreneurship: A business of your own. Vocabulary Entrepreneur: a person who organizes and manages a business Entrepreneurship: the organization and.

Franchise A franchise is a form of business ownership whereby a person or business buys a license to trade using another firm’s name, logo, brands and.

Buying Existing and Turnaround Businesses Opening Franchises. Patterns of Entrepreneurship Chapter 12.

To start a new business, buy an existing business, or buy a Franchise

Types of business ownership Chapter 4. Academic Preparation  To take business classes in high school  To go to college and get a degree in business.

Select a Type of Business Ownership Section 2. An Existing Business Advantages of an Existing Business –_________ has customer base, suppliers, and producers.

Franchising Unit 1 Topic

Select a Type of Business Chapter #4. Way to be a Business Owner Purchase an Existing Business Enter a Family Business Franchise Ownership Starting Your.

Franchising. Learning objectives Describe what is meant by a franchise Identify the advantages and disadvantages of a franchise business Justify why a.

January 18, 2010 Objective: Students will compare and contrast the difference between starting a business, buying an existing business, and opening a franchise.

Sole Trader Is a sole trader the largest or smallest type of business? How many owners does it have? A sole trader is the smallest type of business. It.

Unit 1. Personal Values and Goals Owning a business is a huge responsibility Consider your personal values and goals Core values – beliefs and principles.

Market Analysis…WHY?  Gather information about your industry  Identify prospective customers and their buying habits You can not fulfill the Marketing.

© 2006 Pearson Education Canada Inc.Chapter Chapter 4 Starting and Financing a Small Business.

B. OVERVIEW OF SMALL BUSINESS 3.00 Explain the legal environment of small business Compare forms of business ownership Franchises & Family Owned.

Marketing Concepts. Marketing Defined  Marketing is the total process of finding or creating a profitable market for specific goods or services.  It.

IRE SHA FCN FRANCHISE. Franchises Aim: Identify the characteristics of a Franchise Objectives: Define a Franchise Know the difference between a Franchisee.

ENTREPRENEURSHIP Unit 1.3 Students will explore entrepreneurial opportunities.

By Cindy Ravalo $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400.

CLAIRE BALDERSON Franchising. What is Franchising? Franchising is a business strategy for getting and keeping customers. Franchising is a marketing system.

(The logos used in this PowerPoint were copied directly from corporate websites. They have not been altered in any way.) FN42 Foods II– Enterprise 4.05.

ENTREPRENEURSHIP Unit 1.3

Franchise Ownership franchise franchisee franchisor

SELECTING A TYPE OF OWNERSHIP

Compare Forms of business ownership

B. OVERVIEW OF SMALL BUSINESS

ENTREPRENEURSHIP Unit 1.3

Types Of Business Franchises.

Franchises LEQ: What are the advantages and disadvantages of purchasing a franchise?

ENTREPRENEURSHIP Unit 1.3

SELECT A TYPE OF OWNERSHIP

Types of Business Ownership

Own a Franchise or Start a Business

OVERVIEW OF SMALL BUSINESS

ENTREPRENEURSHIP Unit 1.3

Compare Forms of business ownership

Presentation transcript:

Franchises

What is a Franchise? A legal agreement to begin a new business in the name of a recognized company.

What is a Franchisee? The buyer of a franchise. The franchisee is buying a way of operating a business and a product with name recognition.

What is a Franchisor? The person or company who offers a franchise for purchase. Along with the actual company, the franchisor is selling its planning and management expertise.

What is Goodwill? Customer’s approval and support of a business. These are very important when a person takes over an existing business. These are the regular customers and they are an extremely valuable business asset.

What is the Initial Franchise Fee? The fee the franchise owner pays in return for the right to run the franchise. The fee can run anywhere from a few thousand to a few hundred thousand dollars. It is usually non-refundable.

What are Start-up Costs? The costs associated with beginning a business. They include the costs of renting a facility, equipping the outlet, and purchasing inventory.

What are Royalty Fees? Weekly or monthly payments made by the owner of the franchise to the seller of the franchise. These payments are usually a percentage of the franchise’s income.

What are Advertising Fees? Fees paid to support television, magazine, or other advertising of the franchise as a whole.

Advantages to owning a Franchise An Entrepreneur is provided with an established product or service Franchisors offer management, technical, and other assistance. Equipment and supplies can be less expensive. A guarantee of consistency attracts customers.

Disadvantages of owning a Franchise Franchises can cost a lot of money and cut down on profits. Owners of franchises have less freedom to make decisions than other entrepreneurs. Franchisees are dependent on the performance of the other franchises in the chain. The Franchisor can terminate the franchise agreement.

What is a Target Market? The particular group that a company is interested in. It will be the focus of the company’s efforts. The company will want to know everything about them – in as much detail as possible.

What are Psychographics? Personality, opinions, & lifestyle elements, including activities and interests.

What are Demographics? Age, gender, race, religion, incomes, education, occupations, family size, social class, etc…..

What are Geographic's? Region, state, country, city, and/or area