In chapter 2 we discussed family business opportunities. As a quick recap - the different ways that one can get involved in business is through a franchise, entering a family business, starting a business from scratch, or buying an existing business A franchise arrangement allows an entrepreneur to benefit from the accumulated business experience of all members of the franchise system. The franchising industry is structured into three distinct systems.
All forms of ownership have advantages and limitations.
Franchising is no exception. One explanation for the lower failure rate is that franchisors are highly selective when granting a franchise. Formalized training . Initial training is ordinarily supplemented with subsequent training and guidance. Franchising organizations often extend a help ing hand financially.