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Franchising; Having it your way?

By definition a franchisee is an independently owned operation within a chain of franchise. A company owned store within a franchise chain is similar in operational standards, however the unit is managed by an agent of the franchise corporation. Ideally a customer should not notice a difference in the product or service offered. Depending upon the performance of the franchisees and corporate owned units the collective synergy can either promote the brand or damage the brand. The corporate attributes that are beneficial to the franchisee is instant brand recognition, a limited risk of failure over independent startups, and continued product and service support. A path to learning the business operation for some budding entrepreneurs is to become a manager of a corporately owned franchise or even a private ownership. As a franchise manager climbs the corporate ladder he or she may position themself to become an owner operator. Actually my preference would really be to develop a concept, “perfect” the brand and promote the growth of the operation by becoming a franchisor. If you have a favorite chain restaurant it is because of a single concept- quality. Quality is the consistent delivery of a predetermined standard.

Based upon observation and experience, in my opinion, the four most important elements to develop a successful quality business are:

1. Provide a product that fills a need or desire. 2. Identify operational problems early, and correct them. 3. Repeat, and document the activities that are successful. 4. Adapt with market demands.

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