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Resources
Buying A Franchise- What Every Entrepreneur Needs To Know.
The concept of franchising is a couple of centuries old. The franchising business and world economies have developed simultaneously. The term ‘franchise' comes from old French where it meant freedom, Read more...
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Resources
Franchise-chat.com Celebrates Four Years Of Service To World Franchise Community
Franchise-chat.com (www.franchise-chat.com), the global franchise news and discussion portal, celebrates its Read more...
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Resources
Franchise Owners - April 15 Makes You Think About Your Taxes
HJ Ventures (http://www.hjventures.com) wanted to remind all Franchise Owners that April 15 get them thinking about their taxes - Read more...
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means an arrangement under which a person earns profits or income by exploiting a right, conferred by the owner of the right, to use a trade mark or design or other intellectual property or the goodwill attached to it in connection with the supply of goods or services. ...
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Converting Independent Business To Franchise
By Barney Garcia
In recent times there has been the prevalence of conversion of independent businesses in same industry into units. This has fostered the rise and growth of a number of systems. Now the question that arises in the minds of all businesspersons is that whether considering is gainful. While venturing into the pros and cons of it need to be adjudged properly. Only then can you, the businessperson, proceed towards conversion of your independent businesses to franchise. There are both advantages and disadvantages of conversion of your business into a franchise.
By this conversion you may get a considerable marketing advantage if you are associated with an established brand. This is especially so if the brand has a national or regional significance. Leading brands automatically drive in more customers and thus more profits. Again, a significant purchasing power savings is obtained by being associated with a large system having a much better bargaining power than a single independent operator. Besides, by changing over to the benefits of an operating system of a concern of choice, which is tested and proven by many other operators to have produced the highest possible level of success in business, is obtained.
There are also some disadvantages lying in converting independent business to franchise. Fees and operational flexibility pose as important drawbacks. A converting franchisee requires paying
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