What's The Cheapest Franchise To Open

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What's The Cheapest Franchise To Open

What's The Cheapest Franchise To Open

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Received: 2 July 2022 / Revised: 4 August 2022 / Accepted: 5 August 2022 / Published: 8 August 2022

Previous literature has identified franchising as a good way for businesses to expand into new areas and opportunities. It has become a popular option for those who want to start their businesses by choosing the brand name of a well-known company and a ready-made business operation, or there are entrepreneurs who want to franchise their companies . Franchising a business contributes to the GDP of affected countries, including Malaysia. However, little is known about what drives the growth of franchise companies, especially in developing countries such as Malaysia. Therefore, this study aims to identify the reasons for the growth of franchising, from the point of view of the franchisor and franchisee. Therefore, from this dyad relationship, the analysis can provide a comprehensive view of the growth factors of franchises. Interestingly, since this study was conducted during the COVID-19 pandemic, the results will include the situation of the pandemic reflected in the business environment. Therefore, the case study method was adopted, which included semi-structured interviews with five service companies from two different brands, including franchisors and franchisees. The results show that three growth factors emerged from this study: product and service innovation, franchise approval and government support. This study contributes to gaining a deeper understanding of the growth factors of franchisors and franchisees. In addition, this study contributes to the development of an effective franchising business process model as a guide for franchisors, franchisees and policy makers. This study also provides avenues for future research.

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Franchise is a system and business relationship between franchisor and franchisee under a brand name. In exchange for money, the owner of the brand and business model gives the franchisee the right to use a named brand and business model, including all associated brands, goods, systems, etc. [ 1]. In order to provide ongoing support and service, franchisors must generate revenue and profit. The franchisee royalty guarantee requires the franchisee to invest in the success of the franchisee to ensure the brand’s prosperity. However, at its foundation, franchising is about the franchisor’s relationship with its franchisees. It is about the franchise agreement, which contains contracts that have implications about the nature of this interaction known as franchising. Compared to other types of businesses, starting a franchise is less risky than launching an independent business because franchisees benefit from the brand name recognition and knowledge of their franchisor. It also offers success to young franchisees because they precisely follow the lead of the franchisor [2]. In return, franchisees provide financial capital to the franchise system, knowledge of geographic locations and labor markets, and their labor management.

Although franchising allows franchisees to own, manage and operate their businesses without taking on all the associated risks, franchise development has become more widespread in response to changing competitive environments. This is because franchise products are recognized for their consistency and quality, resulting in national and local trust in the products and services they provide [3]. In addition, franchising is based on a mutual trust and confidence relationship between franchisors and franchisees. Therefore, it requires a cooperative connection and trust to grow between the franchisor and the franchisee. However, franchisors should care about the performance of their franchisees because it reflects their productivity and brand name [4]. In addition, franchising seems to focus on a growth strategy that allows franchise organizations to scale their businesses [5].

Based on data obtained from Malaysia’s Ministry of Domestic Trade and Consumer Affairs, 606 local franchisors and 69 master franchisees have accumulated 675 businesses under Section 6 of the Franchise Act 1998 [6]. In general, the local franchise market continues to grow, on average, seven to twelve percent per year. The number of regional franchisors increased significantly during the 9th and 10th Malaysia Plans but showed a downward trend during the 11th Malaysia Plan. According to the 11th Malaysia Plan, under Section 8, to promote new economic growth for greater prosperity, the government will allocate and promote the development program and take the initiative to strengthen the harmonies and the industry in the franchise. In addition, the franchise industry employs more than 80,000 people and contributes more than RM1.4 billion to the annual economic cycle for franchise operations [7]. This shows that the franchise industry is important to the growth of the Malaysian economy.

What's The Cheapest Franchise To Open

Therefore, franchises are required to focus on their uniqueness and develop a strong business model to sustain their business [8, 9]. It is a blueprint of the organization’s plan and sets the course for success. In the academic literature, the industry and politicians focus on the sustainable business model to ensure that it is consistent with the facts [10]. In addition, a business model influences the perception of strong resources such as knowledge, skills and ability to establish appropriate resources, actors and issues to solve growth [11]. However, previous studies have been conducted slowly and focused on the perception of the franchisor (e. on the identification of the franchisor and franchisee.

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Entrepreneurship is a new method of business in which people behave in quality and development [14]. However, some entrepreneurs may need more time to continue moving from one gap to the next, but for some it can be a rapid development [15, 16]. Addressing production capacity or capital production constraints is a key challenge in new product development [17]. The extension process does not consider the differences in the capacity of managers to process information, how these differences affect the relationship between time limit extensions and firm results [18]. Therefore, the entrepreneur will create the demand and increase the income and expansion to move from the previous stage [15]. Organizational formalization is important because it strengthens collaboration and coordination, enables the interfunctional transmission of tacit and codified information, and eliminates uncertainty [ 19 , 20 ]. A well-established, long-term company needs a qualified successor to grow [15].

A franchisor in the growth phase should be confident and introduce a systematic standardization program and training for franchisees [21]. Therefore, there is a need for a franchisor to implement comprehensive and adequate standardization planning and preparation. Trust-building relationships greatly benefit both the franchisor and the franchisee during the growth phase [21, 22, 23]. The growth of a company definitely depends on the employee who manages and manages the operations [24]. Relocating resources to better interact with franchisees and integrate their experience in establishing strategic assets can improve competitive dynamics and help generate revenue streams [24].

The franchisor-franchisee partnership is one of dependency because both are linked to a brand. Partnerships are unique because they are mutually dependent and mutually beneficial. The marriage partnership between individuals, while in business partnership, person to person, a person to a company or company to company [25, 26]. It also includes a supply chain, either business to business (B2B) between the franchisor and one or more franchisees or business to consumer (B2C) [27]. Franchisors must depend on their franchisees to cooperate and provide accurate information in order to collect reliable and accurate market data patterns [28, 29]. Knowledge of the local market, such as customers and competitors, is an important aspect of expansion and can reduce uncertainty [30, 31]. Developing and maintaining partnerships is a long investment process, and the cost-benefit calculation should be clearly analyzed from time to time [25]. Franchisee performance can increase or decrease franchisor conflicts through system changes or innovations [32].

The relationship between the franchisor and the franchisee determines the growth of the brand. A study by Frazer & Winzar

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