BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Franchising is a system for the consistent, sustainable replication of a company’s brand. It is based on a contractual relationship between the franchisor and local franchisees who are responsible for independently managing their businesses to achieve the brand standards established by the franchisor.

Detailed explanation-2: -Franchising is often used as a cost-effective growth strategy for businesses. A key benefit of this strategy is that no capital layout is required for a new franchised store as opposed to corporate-owned stores. Franchised stores are also proven to be more successful than corporate-owned stores.

Detailed explanation-3: -There are 4 basic types of franchise agreements: Single-unit, multi-unit, area development and master franchising. A single-unit franchise is the most common and is simply where a franchisor grants a franchisee rights to open and operate one single franchise unit.

Detailed explanation-4: -Franchising can be an efficient way of growing your business. It can help you create a wider market base, increase revenue and expand your business in a cost-effective way. As an established business strategy, franchising can help you exploit a particular gap in the market before any potential competitors.