Explain the concept and types of franchising.
A franchise is a license to operate an individually owned business as though it were part of a chain. The franchisor provides a known business name, management skills, a method of doing business, and the training and required materials.
The franchisee contributes labor and capital, operates the franchised business, and agrees to abide by the provisions of the franchise agreement. There are three major categories of franchise agreements.
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Small Business
- Analyze the growth of franchising and its advantages and disadvantages ?
- Explain how the Small Business Administration helps small businesses.
- Describe the advantages and disadvantages of operating a small business.
- Assess the contributions of small businesses to our economy.
- Identify the people who start small businesses and the reasons why some succeed and many fail.
- Define what a small business is and recognize the fields in which small businesses are concentrated.
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