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35
7. All his personal possession may … (to meet) creditors
demand.
8. Finance … (to restrict) to the amounts which the entrepreneur
is able … (to provide) from his own resources and whatever sums he
can … (to borrow) on his own security.
*
IV. Answer the questions:
1. What are the types of business organisation to be found in the
UK?
2. What is the simplest and oldest form of business enterprise?
3. What is the strength of the one-person business?
4. What are the disadvantages of this form of business organisa-
tion?
5. Why is the one-person business less important compared with
the joint stock company?
6. Where is the one-person business prevalent?
TOPIC 6. FRANCHISING
TEXT 1
According to new numbers from the International Franchise As-
sociation (IFA), franchising spans 1,500 concepts – franchise types –
in 75 industries, and its 316,000 U.S. units reap $1 trillion in annual
sales.
Franchising started during the Civil War, when the Singer Sew-
ing Machine Co. figured out a way to grow its retail operation without
spending its own capital. Singer sold 'franchises' to local operators
who then built and maintained their own stores while selling the manu-
facturer's products. In the early 1900s car manufacturers adopted the
same system and sold franchised dealerships all over the country. They
were followed by the oil companies, who franchised gas stations to
fuel the cars. In 1924, two entrepreneurs named Allen and White gave
all those new drivers a destination -- a franchised chain of A&W Root
Beer drive-in restaurants.
*
For more exercises see File 3.
36
Fast-food franchising became the rage and outfits like McDon-
ald's, Kentucky Fried Chicken, Dairy Queen and Hardee's grew quickly.
The service sector of franchising accounts for 15 percent of all
franchises in the United States. That includes maid services, lawn care
franchises, home security concepts, handyman services and others.
The majority of franchises in the service category are small
businesses with fewer than 50 total units. Most require less than
$50,000 initial investment. Franchises are a big deal in the USA. To-
day, there are between 2,000 and 2,500 operating franchise systems
and more than a half million franchise outlets nationwide. One out of
16 workers is employed at one.
Franchise owners typically buy from their chains the right to sell
products under a certain retail name in a certain retail area. The theory
is that the name and products and marketing, all coming from a single,
proven source will pave the way for local commercial success.
Running a franchise isn't like having a traditional job where
you're in charge of one function. At first, franchisees must do every-
thing – from ordering business cards to buying fax paper. Franchisees
are a unique hybrid of both boss and employee: you're involved on a
daily basis. You're the owner of the premises and you're responsible
for all operations.
You own and run your franchised outlet, but you must follow
the system and dictates, detailed instruction of the franchiser who has
presumably perfected the business.
On an ongoing basis, you pay a percentage of sales for the fran-
chiser's expertise, support, national advertising campaigns and estab-
lished reputation. Depending on the franchise company and industry,
monthly royalty fees will range between 3 % and 8 % of monthly
sales. In the best cases, this is a guaranteed success.
To be a good franchisee you must be a self-starter. Franchising
is believed to be a great field for entrepreneurs but you must find a
franchise system that will give you the right amount of freedom and
the ability to put your own stamp on the business.
With the demand for franchising so high today, it's tempting to
sign an overseas contract and consider the $500,000 license fee as
profit to your company. But with attorney's fees, translations, travel,
trademark registrations and other expenses, you can run through that
7. All his personal possession may … (to meet) creditors Fast-food franchising became the rage and outfits like McDon-
demand. ald's, Kentucky Fried Chicken, Dairy Queen and Hardee's grew quickly.
8. Finance … (to restrict) to the amounts which the entrepreneur The service sector of franchising accounts for 15 percent of all
is able … (to provide) from his own resources and whatever sums he franchises in the United States. That includes maid services, lawn care
can … (to borrow) on his own security.* franchises, home security concepts, handyman services and others.
The majority of franchises in the service category are small
IV. Answer the questions: businesses with fewer than 50 total units. Most require less than
1. What are the types of business organisation to be found in the $50,000 initial investment. Franchises are a big deal in the USA. To-
UK? day, there are between 2,000 and 2,500 operating franchise systems
2. What is the simplest and oldest form of business enterprise? and more than a half million franchise outlets nationwide. One out of
3. What is the strength of the one-person business? 16 workers is employed at one.
4. What are the disadvantages of this form of business organisa- Franchise owners typically buy from their chains the right to sell
tion? products under a certain retail name in a certain retail area. The theory
5. Why is the one-person business less important compared with is that the name and products and marketing, all coming from a single,
the joint stock company? proven source will pave the way for local commercial success.
6. Where is the one-person business prevalent? Running a franchise isn't like having a traditional job where
you're in charge of one function. At first, franchisees must do every-
TOPIC 6. FRANCHISING thing – from ordering business cards to buying fax paper. Franchisees
are a unique hybrid of both boss and employee: you're involved on a
TEXT 1 daily basis. You're the owner of the premises and you're responsible
According to new numbers from the International Franchise As- for all operations.
sociation (IFA), franchising spans 1,500 concepts – franchise types – You own and run your franchised outlet, but you must follow
in 75 industries, and its 316,000 U.S. units reap $1 trillion in annual the system and dictates, detailed instruction of the franchiser who has
sales. presumably perfected the business.
Franchising started during the Civil War, when the Singer Sew- On an ongoing basis, you pay a percentage of sales for the fran-
ing Machine Co. figured out a way to grow its retail operation without chiser's expertise, support, national advertising campaigns and estab-
spending its own capital. Singer sold 'franchises' to local operators lished reputation. Depending on the franchise company and industry,
who then built and maintained their own stores while selling the manu- monthly royalty fees will range between 3 % and 8 % of monthly
facturer's products. In the early 1900s car manufacturers adopted the sales. In the best cases, this is a guaranteed success.
same system and sold franchised dealerships all over the country. They To be a good franchisee you must be a self-starter. Franchising
were followed by the oil companies, who franchised gas stations to is believed to be a great field for entrepreneurs but you must find a
fuel the cars. In 1924, two entrepreneurs named Allen and White gave franchise system that will give you the right amount of freedom and
all those new drivers a destination -- a franchised chain of A&W Root the ability to put your own stamp on the business.
Beer drive-in restaurants. With the demand for franchising so high today, it's tempting to
sign an overseas contract and consider the $500,000 license fee as
profit to your company. But with attorney's fees, translations, travel,
* trademark registrations and other expenses, you can run through that
For more exercises see File 3.
35 36
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