GOING FORWARD WITH FRANCHISING!

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Global Chamber Dhaka Research Desk

 

franchisor creates a brand’s trademark or trade name and business system, and a franchisee pays a royalty and, in many cases, an upfront fee for the right to do business under the franchisor’s trademark or trade name and business system. Most business people choose to franchise because it allows them to expand their operations without inacurring extra money. Since 2020’s shutdowns, franchise output has increased by over 16%, reaching nearly USD 788 billion in 2021. There will be a 2.2% increase to 792,014 franchise establishments in 2022, which is 17,000 more than in 2021.
When it comes to franchising, the law takes centre stage, but it isn’t the only thing people need to know. In franchising, the connection between the franchisor and the franchisee is more important than the franchisor’s brand value or how the franchisor helps its franchisees. It is also essential that the franchisee fulfil its obligations to deliver products and services that meet the system’s brand standards. Secondly, a brand is a company’s most important asset, and consumers choose which businesses to purchase from and how frequently to visit them depending on what they know or think they know about the brand. Lastly, People want to analyse the assistance they will receive and how well the franchisor manages the growth of the products and services to keep up with changing customer expectations and assure their happiness when choosing a franchise system to invest in. This advantage has improved service quality, speed of growth, motivation and effective management with fewer employees, limited risks and liability.
Expansion options for new and existing franchisees can be found in international franchising. It’s a smart strategy for reducing the company’s reliance on domestic demand and creating new sources of revenue and profit. For example, Krispy Kreme Doughnuts, Kentucky Fried Chicken, Pizza Hut, Burger King, and other American companies have successfully opened franchises in Bangladesh. The demographics, fast-mover advantage, low-cost structure, niche marketing, no laws and regulations barriers in franchise operations, and increased access to global supply chains all contribute to franchising in Bangladesh.
Franchising makes it possible to extend a brand’s global reach with minimal risk, investment, and growth potential. Local partners benefit too from global operational practices and technology. This win-win situation makes business sense for organisations to scale both locally and globally.

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