The franchising industry can sometimes be seen as one of mystery to many. It is a term misused on a regular basis and one that many misunderstand. So, what is really meant by the term ‘franchise’ and what does it mean to those businesses that use it as a way of expanding?
Example projects which will help you to understand franchising and the opportunities that it offers include:
- Identify franchise businesses from each of the following sectors:
– high street retailers (shops)
– fast food outlets
– service-based businesses
– mobile/van-run businesses
- Choose three franchised business to use as case studies and look at:
– why they might have chosen franchising as the route to expanding their business
– how they went about setting up the franchise operation
– how they attracted the interest of potential franchisees
– what qualities they were looking for in their franchisees
- Identify 5 businesses in your local area that are franchised and look at what marketing they undertake, considering where and how they are advertising.
- Research three businesses which were founded outside the UK and then look at how they expanded into the UK market – did they use franchising?
- Imagine that you are setting up a business and consider whether franchising is an appropriate method of expanding that business – think about the pros and cons of franchising and how they would fit with your business model.
- Imagine that you have decided to start your own printing business. Consider whether you will start the business up on your own, from scratch, or whether you would wish to join a franchise network. Consider the advantages and disadvantages of both options and how you imagine you might cope with them.