Question

Small Business Management

Q5) Is there a future for Franchising? Please explain. What are some expected areas of growth in this field? What are some other areas of expected development?

Q6) What is “niche marketing”? Should a business owner be concerned about identifying a needed product? Why? Please explain.

Q8) What have you learned about becoming the owner of a small business? Would you consider opening a franchise? Why or why not? What are the risks? Please explain.

Answer 1

(Ans.5)

YesBright, according to many market reports. This industry is growing fast and furiously with more franchisees owning several units, better technology getting incorporated into stores, and a new business model taking shape.

Most experts agree that franchising’s solid historical performance shows no signs of abating. For that reason alone, it should be among the first segments explored when one is considering a business investment.

Hence, “Franchising is a wonderful business model,”

Independent companies expanding into franchising. What’s one of the most effective ways for a business to safely expand into new markets and locations? Franchising their concept. These organizations can range from established corporations to company-owned stores to restaurants.

(Ans.6)

Niche marketing usually meant of the business of promoting and selling a product or service to a specialized segment of a market.

Knowing your customer is key for any business endeavor. Successful business owners understand what their customers want and the most effective way of making their product or service available. The depth of knowledge is also crucial – it requires knowing more than their names, ages and incomes.

(Ans.8)

According to me if i ever plan to become a owner of a small business than i make sure that there are some points which will help me succeed and that are like Developing a comprehensive business plan , Finding a small business banker you can trust , Paying close attention to your cash flow , Knowing and interacting my  every customer's.

Yes i would really plan to open a franchise as we cant say that itsJust because a franchisor is new doesn't mean it's not a great opportunity, but the more you know, the better informed your decision can be.

Perhaps the risk involved is high as u will be devoting much more time and surely your business should be of long term for this and making sure that you get enough support from the franchisers.