Exhibit 15.7 highlights the advantages and disadvantages of franchising from the franchisee’s perspective. Entrepreneurs that open a franchised store benefit from the franchisor’s established formula. Customers are more likely to patronize a well-known franchise, which helps the franchisee succeed more quickly. Franchising is especially beneficial to SMEs, many of which lack substantial resources and strong managerial skills. The big advantage is the ability to launch a business by using a tested business model. In essence, franchising amounts to cloning best practices. It greatly increases the small firm’s chances for success by duplicating a tried-and-true business format.28
Exhibit 15.7
Advantages and Disadvantages ...
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