Preview

Intro to Business

Better Essays
Open Document
Open Document
1170 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Intro to Business
1. If you were to consider a franchise such as McDonald’s, Burger King, or Starbucks, what would you need to know?

As a full time student, employee and parent, I would truly contemplate opening a franchise such as Starbucks with the notion that all of the coffee that I buy would be a personal investment into my own business. So in order to open up my very own Starbucks, there are a couple of things I would need to know. I would need to evaluate the franchise and all of its offerings to the franchisee. In evaluating the franchise, I would need to ascertain the viability of the brand product, opportunities in the local market, and financial obligations. For example, Starbucks has historically had a solid brand reputation for great coffee, eateries and atmosphere. They’ve also financially remained strong even during the recession. Some franchisors, such as Starbucks, offer as a benefit to the franchisee both “management and marketing assistance”[1]. Starbucks would offer training for the franchisee on how to manage the operation side of the business, such as hiring, marketing, location and promotion of the franchise. Even though the franchisee is offered management assistance, sometimes it may become too rigid and has a “way of becoming managerial orders, directives, and limitations.”[2] Some franchises require a financial contribution. One item for consideration is the start-up costs of the franchise and if there would be any financing options. Another item for consideration is the percentage the franchisee would have to give to the franchisor in terms of royalties. The final item to consider for my franchise is the opportunities in the local market for a coffee house. Many times, you will see a Starbucks too closely located to each other. Such competition for the same brand product doesn’t allow for profit growth.

2. Develop a business plan, and justify each area in your plan.

A business plan is defined as “a detailed written statement that describes the

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Mrkg 1311 Chapter 12

    • 490 Words
    • 2 Pages

    When you buy a franchise, you are buying an established concept that has been successful. Statistics show that franchisees stand a much better chance of success than people who start independent businesses; independent businesses stand a 70 to 80 percent chance of NOT surviving the first…

    • 490 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    rastaurant

    • 2539 Words
    • 11 Pages

    Opening a franchise company has its joys and perils. While the built-in brand recognition is a big plus for a start-up, that brand has not reached the level of some of the largest fast food chains. The franchise brand may not provide the level of support expected from a larger franchise chain. With that said, the combined management experience, and synergy between the goals of the franchisor and the company's goals will lead to the long-term success of our franchise.…

    • 2539 Words
    • 11 Pages
    Good Essays
  • Satisfactory Essays

    Tutorial 12 (Week 7)

    • 1700 Words
    • 7 Pages

    | According to our textbook, which of the following is not a quality to look for in prospective franchisees?…

    • 1700 Words
    • 7 Pages
    Satisfactory Essays
  • Good Essays

    The business related laws in the United States intend to foster free, fair, balanced and effective business practices. Laws protecting consumers in the United States disallow unfair, deceptive and anti-competitive business practices. Despite significant legislative differences from one state to another, a major premise is that deceptive and unfair business practices are unethical and inappropriate (Cartewr, 2009). These laws constitute critical legal underpinnings for ethical business practices and fair treatment of consumers in the market (Nickels & McHugh, 2013).…

    • 597 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Eco-201

    • 617 Words
    • 3 Pages

    How should goods and services be produced. After some research of opening a this franchise I found that the most important recourse to start a franchise is money:…

    • 617 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Sbe 440 Course Project

    • 8859 Words
    • 36 Pages

    The business that I want to open would be a franchise of a McDonald’s restaurant. McDonald’s is a fast-food restaurant that serves a variety of products, but is mostly known for its great hamburgers and fries. McDonald’s is a business that has been around for quite some time now and is widely popular all around the world and especially in the United States I believe that this would be a great opportunity because the area that I plan to open the restaurant in doesn’t have a restaurant that could compete with McDonald’s at this time. This area is my home town of Chillicothe, Ohio, which is a small town, located about an hour south of the state capital of Columbus. The area is large enough to support the business and I believe that if I strike while to iron is hot that I could get ahead of any competition that I would face in the future.…

    • 8859 Words
    • 36 Pages
    Powerful Essays
  • Satisfactory Essays

    5. Choose a popular franchise, and visit the company's Web site to learn about its franchising policies. List at least three things you learned, such as costs franchisees must pay, or other rules or requirements. (1-3 sentences. 3…

    • 515 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Why is active, effective listening difficult for many people? What are 5 strategies for improving listening skills within the American culture?…

    • 903 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Intro to Business

    • 576 Words
    • 2 Pages

    1) First, describe in your own words the significance and differences in foreign currency exchange rates.…

    • 576 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Study Question

    • 832 Words
    • 4 Pages

    2. Why are so many small-business owners attracted to franchising? Under what circumstances might it be better to start an entirely new business instead of purchasing a franchise?…

    • 832 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Intro to Business

    • 995 Words
    • 4 Pages

    1. In your own words, describe how information reduces risk when you make a personal or work-related decision.…

    • 995 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Business Chapter One

    • 339 Words
    • 2 Pages

    The Container Store is often cited as an outstanding retail company. What factors have led to its success?…

    • 339 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Business 101

    • 3507 Words
    • 15 Pages

    These are the basic strategies, though the mix in the final 'recipe' will vary from workplace situation to situation. (http://www.businessdictionary.com/definition/theory-Z.html)…

    • 3507 Words
    • 15 Pages
    Good Essays
  • Powerful Essays

    Introduction to Business

    • 4086 Words
    • 17 Pages

    the consumers with the use of limited supplies. The purpose of a business is to…

    • 4086 Words
    • 17 Pages
    Powerful Essays
  • Satisfactory Essays

    Essay Ine

    • 849 Words
    • 4 Pages

    A GRADE ESSAY SKILLS – “PEAE” BY TOM LAW Email:albusinessteam@yahoo.com.hk A GRADE ESSAY SKILLS- “PEAE” FOR HKDSE/HKAL BY TOM LAW A GRADE ESSAY SKILLS – “PEAE” BY TOM LAW Email:albusinessteam@yahoo.com.hk HKAL BAFS MARKS (25) NUMER OF POINTS MARKS (20) NUMER OF POINTS 8+8+9 3+3+3 8+12 3+4 10+15 4+4 20 7 12+13 4+4 25 8 A GRADE ESSAY SKILLS – “PEAE” BY TOM LAW Email:albusinessteam@yahoo.com.hk EXAMPLE 1 Nowadays franchising is a common way to go into a business.…

    • 849 Words
    • 4 Pages
    Satisfactory Essays