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1. What is the role of the franchiser when a franchise is purchased?

2. List three advantages of buying an existing business.

3. Imagine that you want to open a doggy-daycare business. Give an example of a human risk, a natural risk, and an economic risk associated with opening this business.

4. Using your answers from the previous question, give one way to manage or lessen the risks you identified.

5. Explain why starting a business from scratch is more difficult than purchasing a franchise, buying an existing business, or joining a family business.

There is a young entrepreneur who is looking for a loan to buy her aunt and uncle's dry-cleaning business. The potential entrepreneur is only twenty-seven but has worked hard and saved 20 percent of the cost of the business. The business has been quite successful and established for the past 17 years. Because the owners want to retire, they need to sell the business in its entirety at market value. There are two other family members that work at the business; however, one is...

Answer :

The answers to the given question are as follows-

  1. A franchise is a type of business model
  2. It provides the franchisee with a proven business model, trademarks, training, ongoing support.
  3. Established customer base and brand recognition
  4. Implement strict safety protocols and training for employees
  5. Diversify services offered to mitigate the impact of economic changes

A franchise is a type of business model where an individual or a group of individuals purchase the right to use an existing company's name, products, services, and operational systems to operate their own business

The franchiser provides the franchisee with a proven business model, trademarks, training, ongoing support, and other resources necessary to run the business. They also enforce certain standards and guidelines to maintain consistency and protect the brand.

Three advantages of buying an existing business are:

Established customer base and brand recognition

Proven business model and operational systems

Existing infrastructure and assets (e.g., equipment, inventory, real estate)

Example of human risk: Employees not following safety protocols and getting bitten by a dog

Example of natural risk: Flooding or natural disasters damaging the facility

Example of economic risk: Decrease in demand due to changes in the economy or competition

To manage or lessen the risk identified, the business owner can:

Implement strict safety protocols and training for employees

Purchase insurance to cover damages from natural disasters

Diversify services offered to mitigate the impact of economic changes

Starting a business from scratch is more difficult because it involves developing a brand, creating a business model and operational systems, establishing a customer base, and acquiring assets and resources. Purchasing a franchise, buying an existing business, or joining a family business provide a head start in these areas, as they already have established systems, assets, and customers.

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1 What is the role of the franchiser when a franchise is purchased?

2. List three advantages of buying an existing business.

3. Imagine that you want to open a doggy-daycare business. Give an example of a human risk, a natural risk, and an economic risk associated with opening this business.

4. Using your answers from the previous question, give one way to manage or lessen the risk you identified.

5 Explain why starting a business from scratch is more difficult than purchasing a franchise, buying an existing business, or joining a family business. There is a young entrepreneur who is looking for a loan to buy her aunt and uncle's dry-cleaning business. The potential entrepreneur is only twenty-seven but has worked hard and saved 20 percent of the cost of the business. The business has been quite successful and established for the past 17 years. Because the owners want to retire, they need to sell the business in its entiret at market value.

Thanks for taking the time to read 1 What is the role of the franchiser when a franchise is purchased 2 List three advantages of buying an existing business 3 Imagine that. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!

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