Franchise or Independent What Fits Your Mold Exercise

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Discussion Assignment 4: Franchise or Independent? What Fits Your Mold?
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Discussion Assignment 4: Franchise or Independent? What Fits Your Mold?

Answer 1
Franchising has become a typical business model in the current society due to the
increased competitiveness of the business environment. The system allows a business to take
advantage of an already established brand name, which gives it a competitive advantage. The
system reduces the risk of failure since one operates on a proven concept by checking the
success of other franchises before investing. Franchisors also provide the training and all the
necessary support, which makes it easier to run the business. For instance, Tuma provides
menus, volume pricing, and inventory guidelines to franchisees. Contrarily, buying a
franchise is costly due to the initial expenses and the continued monthly payments made to
the owner. The business model has no autonomy since the franchisee has to conform to the
guidelines set by the franchisor. The inflexible nature of the system restricts individuals from
initiating changes in response to market trends. Although franchising is a quick way of
succeeding in business, entrepreneurs must consider its benefits and drawbacks before
making such decisions.
Answer 2
The success of any business, whether franchise or independent, depends on how it
treats its customers and their perception of goods and services offered. Effective
management, communication, customer service, and sales support are critical in enhancing
the buyers’ loyalty. Although different companies vary in how they handle consumer
relations, their success relies on the strategies applied. Strong connections built on
communication and trust ensure consumers stay connected with the brand, which promotes
return purchases. Customers also act as ambassadors by promoting brands to their friends and
relatives. For instance, the good relationships the Adocks had with customers, and the
community helped them to maintain their loyalty even after separating from the Tumas. Since
customers are critical stakeholders in business, organizations must strive to enhance
consumers’ experience.
Answer 3
Starting an independent business requires significant effort and time to establish a
brand, although it has various advantages. The entrepreneur gets the opportunity to exercise
control over the business and set a company culture that fits the needs of employees and
customers. Decision-making is easier and faster in sole proprietorship since consulting a
higher authority is unnecessary. Although owning a business comes with great financial risks,
its success guarantees the entrepreneur a great financial reward. However, an entrepreneur
can experience burnout due to working solely for many hours before getting resources to
higher employees. In case of the sudden expansion of the business, a lack of proper planning
can cause the owner to experience challenges in maintaining quality while meeting the
increased demand. Running a business is a stressful task that total commitment.
Answer 4
Technological advancements and the growth of the global economy have created
room for more business opportunities. If I want to start a business, I can choose a service-
based company that will run independently. The emergence of social media marketing and
increased use of mobile phones will allow me to access a broader market share globally.
Although buying a franchise is an easy way to compete effectively in the current market,
running the business alone will help me grow and nurture my passion for the benefit of the
community. The changing consumer needs and behaviors require constant inventions to
ensure their satisfaction. Therefore, independence will allow me to implement new ideas and
ways of delivering goods and services to consumers without restrictions. In the case, Rusty
and Beth noted that the inconsistencies in decision-making in other units could affect their
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operations. Hence, staying in charge of my business will help me to avoid such drawbacks.
Implementing ideas and watching them succeed brings happiness and satisfaction.

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Discussion Assignment 4: Franchise or Independent? What Fits Your Mold?

Discussion Assignment 4: Franchise or Independent? What Fits Your Mold?

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