Analysis of Franchise as a Cornerstone of Success in Indian Market

• Author(s): Ruchir Sharma ; Dr Reshma Srivastav
• Paper ID: 1704808
• Page: 1151-1161
• Published Date: 30-06-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 6 Issue 12 June-2023

Abstract

In today's global marketplace, franchising is a method of operating and growing a firm. A franchise is a license that enables a franchisee to use the franchisor's brand name to sell goods and services by accessing the franchisor's secret business techniques, procedures, and branding. The franchisee typically pays the franchisor an initial start-up cost and yearly licensing fees in exchange for obtaining a franchise. The agreement involving franchisors and franchisees outlines how they will divide the earnings from the franchising business. Since a franchisor has already refined everyday operations via experimenting, new franchisees can avoid many of the pitfalls that start-up businesses frequently make. The franchisor also shows franchisees exactly who their competitors are and how they can set themselves apart. Moreover, when purchasing goods, services, conducting advertising campaigns, and negotiating locations and leasing terms, the franchisees will benefit from economies of scale. Due to its role as a significant employer and driver of growth, franchising is crucial to modern business. It is critical to comprehend the position that franchising plays in the economy as it is a significant source of jobs and economic output. Thousands of authors options for small business owners and millions of employment prospects have been made possible through the franchise sector. Moreover, it is an effective and practical method to expand the firm with a cost-effective budget on a currently successful firm through franchising. It facilitates a company's rapid growth and increases the variety of markets quickly and affordably. The franchisors will have fewer management responsibilities as the franchisees also run their businesses. The finest franchisees will be highly driven and knowledgeable about their territorial area, making the franchisor's life much more straightforward.

Citations

IRE Journals:
Ruchir Sharma , Dr Reshma Srivastav "Analysis of Franchise as a Cornerstone of Success in Indian Market" Iconic Research And Engineering Journals Volume 6 Issue 12 2023 Page 1151-1161

IEEE:
Ruchir Sharma , Dr Reshma Srivastav "Analysis of Franchise as a Cornerstone of Success in Indian Market" Iconic Research And Engineering Journals, 6(12)