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• W190217589 abstract "FRANCHISING AN ESTABLISHED BUSINESS The owners of established small businesses are often attracted by the prospects of achieving increased growth and profitability through franchising. Well-publicized, rags-to-riches' stories about successful franchisors have helped to create the illusion that this form of organization offers a quick, easy shortcut to business success. Unfortunately, starting a franchise is fraught with potential problems and misconceptions. Although many franchisors have found this approach to be rewarding and a few have become corporate giants, the experiences of many others have ranged from encountering substantial problems to facing complete disasters.1 1 Shelby Hunt. Franchising. Promises, Problems, Prospects,' Journal of Retailing (Fall 1977), pp. 71-82. Enthusiasm for starting a franchising business thus needs to be tempered with a knowledge of the realities of the marketplace. It is a difficult endeavor and the risks are substantial for the small business owner and associated investors. Before launching a franchised business, all concerned should try to obtain the clearest possible understanding of the problems and prospects which await them. Comparatively little has been written about the subtleties of starting a franchise system. While two otherwise satisfactory trade books have been published on the subject of starting such an operation,2 neither explores fully the problems and pitfalls faced by prospective franchisors. 2 See Mack Lewis. How to Franchise Your Business (New York: Pilot Industries, 1981) and David Seltz, How to Get Started in Your Own Franchised Business (Rockville Centre, New York: Farnsworth Co., 1980). Therefore, the purpose of this article is to offer: 1. some prescriptive guidelines for enhancing the entrepreneur's chances of success in franchising an existing small business, and 2. a discussion of certain widely prevalent myths concerning franchising, together with some suggestions for overcoming their effects. It is hoped that this examination will give the reader a clearer picture of the feasibility of franchising an on-going venture. SOME NORMATIVE GUIDELINES Small business owners considering this possibility should begin by identifying favorable circumstances for becoming a successful franchisor. White and Bates suggest five elements that are needed for implementing a successful franchise business in the retailing sector. These are:3 3 Philip White and Albert Bates, Franchising Will Remain Retailing Fixture, but Its Salad Days Have Long Since Gone,' Marketing News (February 17, 1984), p. 14. 1. a high gross margin; 2. the presence of in-store value; 3. the existence of secret processes; 4. the prospect of franchisor income from real estate profits; and 5. a simple, easily implemented business concept. These five points should provide a useful starting point for all types of prospective franchisors. Another important prerequisite is having a thriving, on-going business which has been tested and has stood the challenges of time. Sound day-to-day managerial practices must also be in place. The organization and start-up of a new franchise operation takes a great deal of commitment. For this reason, the new franchisor may fail to give sufficient attention to management of the previously established business. Well-designed operational procedures should help to minimize this risk. Yet another important prerequisite is that of building a solid management team. Competent supervisory personnel are crucial for making key decisions during the transition period and keeping the original business functioning profitably. An ineffective team can lead to early failure, as the entrepreneurial franchisor may be preoccupied with locating and selling franchised outlets. …" @default.
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