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The eventual financial success of a firm over time depends on its early survival. Carefully planned marketing objectives are a key element in the eventual success of a business. If someone comes up with an idea on how to build a better mousetrap, they still need to develop a marketing strategy to bring that idea to the marketplace. This is a fundamental but often overlooked premise of some people aspiring to start up a new business. Knowing how to market a product is just as important as having a product to market, perhaps more so. Managerial know-how, sources of information that are both reliable and valid, and the skills and abilities to use this information are hallmarks of successful business managers.
Access to expertise
One of the advantages of franchising is the access to expertise about the ins and outs of conducting the operations of a particular type of business. It is part of the franchising package and is advice generally worth the price it costs. Without a clearly articulated blueprint detailing what to do, when to do it, and how to work efficiently, many businesses might well fail. But it is not the only alternative to entering business.
The common benefits and considerations of a fairly typical contractual agreement between franchiser and franchisee can be used to portray an alternative to franchising as an approach to self-employment. The alternative is to start and operate a business using advisory services presently available through governmental agencies and private consultants. In short, the overall support, training and consultations typically made available through a franchising agreement are also available elsewhere for small businesses and would-be entrepreneurs.
Wealth of marketing-related expertise
Information on the Internet
There exists a wealth of marketing-related information on the internet. Sites for academics and practitioners can be found at
Some aspiring entrepreneurs rely on their own store of knowledge and their established network of contacts, each of whom have additional stores of knowledge or expertise. The knowledge represents information which can be shared among individuals. This process can be conceptualized from a macro perspective by viewing flows of information being transmitted to the decision maker from a variety of support groups external to the firm. This is essentially a systems way of thinking. The information is used by the recipient to help meet the challenges of operating a business. The Internet works much the same way except it is somewhat more impersonal. It is also easier to "get in to see" someone since you need only click on their URL, i.e. their electronic address.
Highly regarded and highly regulated
Presently, franchising is a highly regarded and highly regulated industry, providing ample opportunity to spirited individuals seeking to realize their vision of going into business for themselves. The term "franchise" comes from the French, who use it to indicate privilege, opportunity, or freedom. It is the privilege of doing whatever activity or venture that an individual is motivated to do or feels like attempting with or without the counsel of an experienced advisor, for example, operating a business venture. Spirited entrepreneurs may elect to start their own business ventures, opting to secure a franchise and the valuable support that comes packaged with such an arrangement. A plethora of franchising opportunities are being successfully marketed across the country and around the globe. However, individuals may elect an alternative to franchising, namely, venturing out on their own using only the knowledge and support they presently possess or have access to in the form of professional networks, governmental agencies, or paid consultants from the private sector.
Valuable strategic marketing expertise and support
Entrepreneurs can elect to begin their business venture with a franchise or not, but if they elect to follow the franchise path, then valuable strategic …