Essay Example on Stability newly built franchises of a barbeque chain Restaurant

Chapter II Review of Related Literature This chapter discusses related literature which is the stability newly built franchises of a barbeque chain restaurant This study will give several ideas and it is guided researcher on the possible frameworks The following things gathered related to current study Thriving franchises When building a new franchise the owners should make the most of the marketing budgets like participating in franchise councils and team up with vendors The owners use money wisely Owners are willing to try new foods because customers like trying the new foods which customers have never tried before Lastly hire with precision and art Like friendly to the customer so the first impression remembered to the customer how to build a thriving franchise 2011 Franchising and Entrepreneurship Individuals have been discussing whether a franchise is considered as an entrepreneur According to Brown 2012 an entrepreneur is someone who ventures into a business that has not been put yet or is needed in the society A franchise owner of a fast food chain does not own the franchise but he she builds it in a place where it was not present There are other individuals who contradict this premise Factors to consider before expanding to a second location The factors to consider before expanding to a second location are assessing the health of the business 

Training and management succession are often key to the expansion Products and services should ideally have been tested before releasing it to the public 5 Factors To Consider Before Expanding To A Second Location 2016 How to build a franchise business Read the information about successful and how business owner in the right direction Set the operation model for the franchise so owners can learn more about how the franchise will conduct business in the franchise establishment Get a They want that constant cash flow that they can rely on instead of the ups and downs that maybe monthly or seasonal sales The uniform franchise offering circular The uniform franchise offering circular is useful for prospective franchisee as an introduction and this should be used in basics of the system How to build a franchise business 2018 Sustaining a Franchise A franchisee must be able to financially sustain his her franchise Hence he she must be financially stable as well To be able to sustain a franchise the franchisee must have a lender who will provide the capital According to an article by Entrepreneur com 2001 the best common source of capitals would be friends and family Once the capital has been set the franchise will need to franchisee will need to sustain the franchise Freshening up the site will able to attract customers and increase sales By equipping the franchise with different business techniques from time will add up to the increase in sales according to cruise planners franchise com 2014 Cons of franchising Franchises are the independent business which means employees have different goals from franchisors 

Otherwise It's more difficult to get franchises as opposed to hired store managers to work together It's A lot harder to innovate with franchising that if a person has his her own outlets With franchising if a person comes up with a new idea negotiation will be needed with franchisees to get them to accept the new products Ways to minimize franchise risk Franchisees will be facing different situations that will lead the business to the deficit For instance that is sometimes franchises don't evolve as quickly as the market trends or franchisor may change The Truth of Stability in Franchise Development According to Cristopher Conner most potential franchisors answer stability when asked what they are mostly looking for in franchise developments because they want that constant cash flow that they can rely on instead of the ups and downs that maybe monthly or seasonal sales The Truth of Stability in Franchise Development 2016 Consider Your Exit It is key for Franchisees to have at the exit strategy However it s rare to think about the prospect of selling the store Relinquishing ownership after all often has a negative connotation in the minds of new owners Furthermore having the end in mind at the beginning of franchise adventure will give him her peace of mind Before you enter into franchising consider your exit 2018 Other Side of Risk in Franchising In some cases it may be a lot risky to become the owner of a franchise business but lots of things have to really line up correctly As a franchisor he she longs for this franchise out of the system To terminate this franchisee s agreement The owner of the franchise has to spend a bundle on legal costs as well as he she will take time away from more important tasks such as finding new franchise owners The other side of risk in franchising 2014