Franchise
Terms associated with Franchise
1. Franchise is the process in which the legal owner of trademark, trade name or copyright grants license to others to use in their models of business (be it buying or selling).
2. A Franchisee is one who purchases a franchise and has been approved the license to use the franchisors copyrights and business model in his own business concept.
3. Library source: Brooke, B. (2000), define Franchise as a business agreement in which the franchisor grants license to franchisee to use his trademark, trade name, copyright in his own business concept.
4. Franchisor is the legal owner of trademark, trade name and copyright of a company. Franchisor is also known as the seller of a franchise.
Advantages Of Franchising
Training
and Guidance:
The franchisee receives guidance from his franchisor on how to run a
successful business.
Monetary
Assistance:
Franchisors help the franchisees with the capital when setting up their
business and also when the need of financial assistance arises.
Risk minimization:
Buying a franchise that has already existed for some years will minimize the risk that will be involved in starting business operation.
Brand
Name Appeal:
A Franchisee who buys a well known franchise is likely to succeed, because
people are already aware of the quality of their products and services.
Example of Franchise Company's.
In Nigeria Nobel Carpets and Rugs is one of the which sells
carpets and rugs in Northern Nigeria and some parts of southern Nigeria. It’s
located in the following states: Adamawa, Jos, Bauchi, Kaduna, Borno, Lagos.
In United States Pizza Huts is one of the Franchise which is
one of the biggest pizza shop in US. Pizza hut franchisees are located in North
Carolina, California, Texas, Florida etc.
In United States Sonic Drive-In is one of the fast food
restaurant franchise company, Drive-In headquarter is located
in Oklahoma City, Oklahoma,United States.
Work Cited
Brooke, Bob.
"Franchising: Benefits Vs. Risks." Hispanic 13.3
(2000): 58. Academic Search Complete. Web. 8 Nov. 2012.
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