To develop a list of reasonable requirements that reflect the franchisor’s control or assistance is imperative to the standardization of the franchise. According to the Federal Trade Commission, “the franchisor will exert or has the authority to exert a significant degree of control over the franchisee’s method of operations or provide significant assistance in the franchisee’s method of operation” (ftc.gov., 2008).There are several opportunities that would be important in maintaining the control over the operational activity of the franchise as well as the profitability. Three major requirements for opening a new franchise would be listed as financial qualification, experience requirements, and achievement of compliance. These must be clearly outlined and addressed on a regular basis.
Firstly, qualifications for the franchise should be
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Diligent background checks and financial credit reports would need to be provided and checked for accuracy. The Board of Trustees would be involved with each application and approval process. Even with this stringent process, understandably this does not always provide protection from misconduct. Ultimately, financial qualifications would be important for a solid financial investment and aid in creating a vested interest.
Secondly, I would increase the requirements that are related to experience and skill in the industry. Poor management is the cause of many failures in the business world (O. Ferrell, Hint, L. Ferrell, 2009). This would eliminate many applicants that may not have been in the business long enough to have a solid foundation for experience in maintaining control and also increasing volume in their prior endeavors. Entrepreneurs and franchisee tend to work extremely hard and will maximize their investment by working harder to achieve more (Hornsby, n.d.
Every individual's goal in life is to accumulate wealth and live a life of fortitude and happiness. Everyone has their own path to success, some individuals may accumulate wealth by working a nine to five shift, becoming an entrepreneur, or most commonly opening a successful business. It all depends on the resources that the individual has to his availability. In this case we’re going to assume we have the resources to open an international franchise. Choosing a specific international franchise can be difficult since there are many successful restaurants throughout the world.
The first time I have heard of the Chick-fil-A Franchise Opportunity was in the discussion about good opportunities of starting business in the Facebook community. My interest in different business opportunities to bring a change to my life prompted me to check what Chick-fil-A Franchise could offer to a motivated individual committed to developing one’s own business and making it successful entrepreneurships experience. I have studied a list of the top-ranking global franchises, their profiles and the industries they operate in. The American Franchisee Association was also a helpful resource for learning more about franchise opportunities. Out of the one hundred companies and corporations listed, eight represent franchises that are
Growing up in a Christian household has nurtured my walk with God throughout my life. Since a young age, I have known God as my personal savior, but my faith and trust in Him have grown over the past several years. This past summer, I took part in a worship leader internship program at our church, which provided me with the opportunity to plan and lead worship services. Participating in this program helped me grow closer to God, but it also taught me how to be a leader rather than a follower. As God continues revealing His plan for my life, I feel called to attend Verity and to pursue my passion with a career in law enforcement.
The next important thing I have to do is to promote the business. When starting a restaurant, you have to promote the restaurant by putting ads in the newspaper and commercials on the television. In order to get to that position in the market, you have to present to these companies. By attending
Franchises endeavor in making all products, stores, and services exactly the same, “Customers are drawn to familiar brands by an instinct to avoid the unknown. A brand offers a feeling of reassurance when its products are always and everywhere the same” (5). This, in turn, abolishes any cultural influence on a restaurant or product, making a bland, homogenous replica that can be found anywhere. The United States is becoming a placeless nation; there are McDonald’s, Wendy’s, and other fast food restaurants around every corner. Schlosser states that, “The basic thinking behind fast food has become the operating system of today’s retail economy, wiping out small businesses, obliterating regional differences, and spreading identical stores throughout the country like a self-replicating code” (5).
Ever since grade school, I was passionate about working in the field of medicine, and science. I enjoyed anatomy, medical spelling and terminology, and reading about the healthcare industry. Because of my passion for healthcare, I decided to to attend Health Sciences High. There, I was given the best opportunities, such as, medical internships and college health courses. My plans and goals had turned me into a mature young adult.
Panera Bread franchises must be well-capitalized to open great bakery-cafes and meet this aggressive development schedule. Additionally, they must have a proven track record as excellent multi-unit restaurant operators to operate great Panera Bread
In this regard, the use of computers is crucial when it comes to matters pertaining to accounting. Besides, the introduction of credit cards and other electronic payment methods would be another good idea since it will promote efficiency since they are safer than carrying cash around. With reference to these recommendations, it is evident that most of the U.S. chain restaurants employ the franchising approach to run their businesses. A good case in point is the McDonald’s outlets; almost 80 percent of them are owned by franchisees. When it comes to full-service chain restaurants, all Denny’s full-chain restaurants were operated by franchisees too.
“For fast-food franchises, it’s easier and cheaper to set up and run an operation within another store — and take advantage of the steady stream of customers — rather than build from the ground up” (Tuttle). Franchising has been around since the late 1800’s, but at that time, it was used for car dealerships. Slowly but surely it got around to the fast food industry and it became the initial growth of fast food businesses. It is believed that the fast food industry is the reason why franchising is widely known. Near the beginning of chapter four in Fast Food Nation Schlosser stated “Franchising enabled the new fast food chains to expand rapidly by rising the hopes and using the money of small investors” (Schlosser 95).
The last attribute of most successful franchisees is that they are willing to do whatever it takes to make their business successful. Many people think that being a business owner means you take a lot of time off and are free to sleep in as you please. This may be true of some franchisees but it does not happen overnight. A lot of hard work is needed the first couple of years you are
The company could also invest on human resource by recruiting high caliber workers, training, and have attractive compensating employees to lower turnover and talents, which could be taken by its
Two external sources of secondary data were investigated during research: “Full Service Restaurants in Canada”, - Euromonitor International, November 2013. “2014 Canadian Chain Restaurant Industry Review”, - CE Capital Franchise Finance, NPD Group, FS Strategy. After investigating and analyzing of obtained sources briefly summary was prepared. This summary includes the most relevant information, that can be used for Deliverable 3 of Comprehensive Case.
2. Determine who you will need to add to your team so you can get started. 3. Develop a plan for attracting the best people to work for you.
The authors study a restaurant for this purpose. The restaurants have an inherent advantage that a licensed and franchisee restaurant might share the same menu ideas, outlook strategies, and production pedagogy which necessarily makes them more comparable while the management forms, observing systems, hiring methodologies etc make the two different enough to study and identify the underlying causal relationship (if any). The authors in the end then comment on the vital points of differences between franchising and licensing. These differences are microscopically studied under both operational as well as business thought process aspect. The authors comment that franchising might lead to a higher customer satisfaction level irrespective of the metric and the reason being that franchisor usually has better control of the day to day operations in a franchisee.
You could offer a rewards system e.g. fully paid overseas trips for top achievers or mid-year bonus. 2) Attracting the right quality of applicants: this would mean that you would advertise for certain educational or experience needs e.g. previous experience as a PA to a CEO in a financial industry