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Answer :
Final answer:
Franchising provides opportunities for business growth through established brands, support, and proven systems, but it also entails costs and restrictions. Successful franchises in Malaysia, such as OldTown White Coffee and Tealive, thrive due to their adaptation to local markets and effective marketing. A well-crafted business plan is essential for opening a cake shop as it guides operation and attracts potential investors.
Explanation:
Purpose of Analyzing Franchising
The main purpose of analyzing franchising is to understand its implications as a business model, including various benefits and drawbacks that can influence entrepreneurial decisions.
Advantages and Disadvantages of Franchising
- Advantages:
- Brand Recognition: Franchisees benefit from the established brand reputation. For instance, fast-food franchises like McDonald's have a global presence, attracting customers immediately.
- Support from Franchisor: Training and operational support are often provided. This can include marketing strategies and supply chain management, which reduce individual risks.
- Access to Established Systems: Franchisees utilize tried-and-tested business models, increasing the chances for success.
- Disadvantages:
- Initial Investment: Franchise fees and royalties can be significant, reducing profitability.
- Lack of Control: Franchisees must adhere to the franchisor's rules and processes, limiting creativity and operational flexibility.
- Dependency on Franchisor: The franchisee's success is tied to the franchisor's reputation and performance, which can pose risks.
Successful Franchises in Malaysia
In Malaysia, franchises like OldTown White Coffee and Tealive have thrived. Their success can be attributed to:
- Adapting to Local Tastes: OldTown White Coffee successfully offers traditional Malaysian coffee alongside modern cafe offerings.
- Strong Marketing Strategies: Tealive has leveraged social media effectively to connect with a younger demographic, enhancing brand engagement.
- Expansion Strategies: Both franchises have aggressively expanded their outlets across the country, increasing accessibility for customers.
Importance of a Business Plan for a Cake Shop
If you and your friends plan to open a cake shop, a business plan is crucial because:
- Guidance and Structure: A well-structured plan helps in outlining your business goals, financial projections, and operational strategies.
- Funding Opportunities: Investors and banks often require a business plan to assess the viability of your cake shop before offering financial support.
- Market Analysis: It helps you understand your target market, competition, and the demand for different types of cakes, which are essential for long-term success.
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