What Does Business Format Franchising Mean
A franchise occurs when a business the franchisor licenses its trade name the brand and its operating methods its system of doing business to a person or group the franchisee that agrees to operate according to the terms of a contract the franchise agreement. When a business format franchise is created this means the business integration aspect of the relationship is much more complete than it is in a product distribution franchise.
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Definition of a Business Format Franchise.
What does business format franchising mean. Franchising is a form of business by which the owner franchisor of a product service or method obtains distribution through affiliated dealers franchisees. In general companies decide to begin franchising for one of three reasons. A product franchise is a franchising agreement where manufacturers allow retailers to distribute products and use names and trademarks.
Here the relationship between the franchisee and franchisor is more complete as compared to the product distribution model. Business format franchisingis the granting of a license by one person the franchisor to another the franchisee which entitles the franchisee to trade under the trade marktrade name of the franchisor and to make use of an entire package comprising all the elements necessary to establish a previously untrained person in the business and to run it with continual assistance on a predetermined basis. The primary barrier to expansion that todays entrepreneur faces is lack of capital.
Lack of money people or time. A business format franchise provides franchisees with the right to use the franchisors name as well as the ability to use proprietary systems and processes they would otherwise be unable to. A business format franchise is a franchising arrangement where the franchisor provides the franchisee with an established business including name and trademark for the franchisee to run independently.
Business-format franchising is an arrangement under which the franchisor offers a wide range of services to the franchisee including marketing advertising strategic planning training production of operations manuals and standards and quality control guidance. A business format-franchise includes not only a product and trade name but also operating procedures such as design facilities accounting procedures and practices employee relations quality assurance standard and over all image and appearance of business eg restaurants convenient stores are often a business franchise. In business format franchising the franchisee has the right to sell the franchisors goods or services but also uses the franchisors designs quality control training and also benefits from hisher advertising and promotions accounting systems and operating procedures.
Business format franchising refers to an arrangement where a franchisor teaches to the franchisee the entire businesses format. With a standard business format franchise franchisees receive. The franchisor is the business that grants.
Business-Format franchise model is an evolved version of product distribution model. A franchise is a business whereby the owner licenses its operationsalong with its products branding and knowledgein exchange for a franchise fee. If buying an existing business.
Franchise opportunities these days are usually known as a business format franchise. A License to Use the Franchisors Principal Trademark A license to use the franchisors principal trademark is a key component of the business format franchise. Business format franchise is an arrangement where a franchisee receives in addition to the right to sell goods or services the franchisers designs quality control and accounting systems operating procedures group advertising and promotions training and in case of hotels and travel agencies worldwide reservation system.
The business format franchise approach tends to be the most popular. Franchising is a form of marketing and distribution in which the owner of a business system the franchisor grants to an individual or group of individuals the franchisee the right to run a business selling a product or providing a service using the franchisors business system. Under a Business Format Franchise the type of franchising most familiar to the average person the franchise relationship generally includes the entire business format and not simply the franchisors trade name products and services.
Business Format Franchising BFF. The business format taught by the franchisor includes marketing selling inventory accounting and personnel procedures.
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