Introduction
India is the second most populated country with over 1.3 billion people and is said to be the world’s most populous country by 2027. It has also been expected to surpass the economy of the united states by 2035, making it the world’s largest economy.
The franchise business has been a shining star in India’s economy and it’s time for the franchise to explore the opportunities in the smaller cities to expand, after the impact they have made in the metropolitan cities.
What is Franchising? A franchise is a type of license that grants a franchisee access to a franchisor’s proprietary business Knowledge, process, and trademarks, thus allowing the franchise to sell a product or service under the franchisor’s business name. In exchange for Acquiring a franchise, the franchisee usually pays the Franchisor an initial start-up fee and annual licensing fees. Various fast food companies like Dominos, pizza Hut, Burger King, KFC, Patanjali, Archies, Etc.
Different Types of Franchise Models
There are 4 types of franchise models:
Franchise structure differs across these various franchise models.
Advantages of COCO model:
Disadvantages of COCO model:
A corporation spends time and money on activities that are not its core business, such as owning and managing a store.
Advantages of COFO model:
Disadvantages of COFO model:
Advantages of FOCO model:
Disadvantages of FOCO model:
Advantages of FOFO model:
Disadvantages of FOFO model:
In the world of franchise business models, hybrid franchising is relatively new. It is a hybrid franchise platform that combines physical and digital franchises. Traditional enterprises are digitally turned into a multi-functional hybrid franchise platform.
In brief, hybrid franchising involves digitizing a traditional brick-and-mortar franchise and combining it with other business concepts. Several teams and business models collaborate to assist franchisees in growing their businesses.
A hybrid business model combines elements of single proprietorship with those of a larger corporation. It enables a business owner to expand their own company while working within the concept and structure of a larger corporation. Individuals buy the rights to utilize their brand name, systems, logo, and model from franchise owners, allowing them to start their enterprises.
In a more modern sense, a hybrid business refers to a company’s efforts to advertise its main products in a variety of contexts. This business model can include running a brick and mortar store while also keeping an internet store and employing catalogue sales to generate orders via the mail. Typically, the hybrid company will have its warehouses to manage orders received through the mail and those received through the internet site. This brick and mortar back end operation may be outsourced to order fulfillment providers in some situations as a strategy to reduce overall operating costs.
Conclusion
Every franchise model serves a specific purpose only. When that model gets used for that specific purpose, then the advantages outweigh disadvantages. Furthermore when any franchise model is used with a stretched purpose, then its defects will be more visible than its benefits. Thus a franchisee needs to have clarity on the purpose of taking a franchise. And match the purpose with the features of the respective franchise model. If purpose and feature match then only a prospective franchisee should go ahead.
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Useful information about types of franchise models ..
The Franchise Business Model. A franchise enables you, the investor or franchisee, to operate a business. You pay a franchise fee and you get a format or system developed by the company franchisor, the right to use the franchisor's name for a specific number of years and assistance