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Franchises by Mind Map: Franchises

1. Advantages

1.1. 1) Managing and marketing of franchises

1.2. 2) Personal ownership

1.3. 3) Nationally recognized name

1.4. 4) Financial advice and assistance

1.5. 5) Lower failure rate

2. Disadvantages

2.1. 1) Large start-up costs

2.2. 2) Shared profit

2.3. 3) Management regulation

2.4. 4) Coattail effects

2.5. 5) Restrictions on selling

2.6. 6) Fraudulent franchises

3. Diversity in Franchises

3.1. Women

3.2. African Americans

3.3. Latinos

3.4. Asians

3.5. Native Americans

4. Home-Based Franchises

4.1. Advantages

4.1.1. Relief from stress of commuting

4.1.2. Extra time for family activities

4.1.3. Low overhead expenses

4.1.4. Can typically be started for less than $5000

4.2. Disadvantages

4.2.1. Feeling of isolation

5. E-commerce in Franchising

5.1. Advantages

5.1.1. There are possibilities online to adapt and expand

5.2. Disadvantages

5.2.1. Could be a dispute between the franchise and the franchisees over personal websites and reverse royalties

6. Using Technology in Franchising

6.1. Advantages

6.1.1. Allows franchises to extend their brands

6.1.2. Meet the needs of both customers and franchisees

6.1.3. Online notification system

6.2. Disadvantages

6.2.1. Being on social media and learning how to use technology properly are an absolute requirement

7. Franchising in Global Marketing

7.1. Advantages

7.1.1. Convenience

7.1.2. Predictable level of service and quality

7.2. Disadvantages

7.2.1. Difficulty protecting rights

7.2.2. Difficuty giving proper support

7.2.3. Must adapt to foreign franchise regulations