Franchising is an important part of American business and this powerful distribution and marketing system is also influencing the global economy. Franchising can be traced to Civil War times, when Isaac M. Singer devised a more efficient, less expensive way to sell his Singer sewing machines through franchised outlets. Retail outlets dominate franchising, but increasing demand for consumer and business services is producing a boom among service-oriented franchises.
- These examples show people at different stages of their professional lives choosing to become business owners with the help of a franchise. What conclusions can you draw from their stories about the benefits and appeal of franchising?
- What are the disadvantages of investing in a franchise?
- Suppose that one of your friends who is about to graduate is considering purchasing a franchise. What advice would you offer him or her before signing the franchise contract?