What are some of the advantages and disadvantages of expanding a business by franchising?

BUS WK 4 Reply 1

Cousins Maine Lobster

Ivan Magbago

What are the cousins looking for in a franchisee?

They wanted new partners who are passionate and cares about the company. Partners that will devote their time.

What personal characteristics do you think helped Tselikis and Lomac succeed as entrepreneurs? What is the culture of Cousins Maine Lobster?

They are passionate and act on to what they believe. They go all or nothing. They are creative and team players. The culture of Cousins Maine Lobster is not to compromise three things. 1. Make sure the food quality is the best so their customers can enjoy it. It is their identity, to serve the best quality lobsters from Maine. 2. Customer service, they recognized their needs to learn more about the business from day one and adapt that’s why they became more successful. 3. They treat their partners and employee as family.

Why did they seek outside help to improve their business? What sort of help did they receive?

They recognized they need to learn a lot about business that’s why they seek help. They received training and coaching from Barbara Cochran and she invested $55k for 15% of their business.

What could the cousins have done to be better prepared for the opening of their first food truck?

They should have done market research, dry runs and better planning like staffing, cash register, supply, etc.

What are some of the advantages and disadvantages of expanding a business by franchising?

Advantage are being able to open multiple restaurants and food truck to different cities to reach more customers or markets. They needed to expand their business for sustainability. Franchising abled them to have more locations with other people running it as franchisee.

Disadvantage is losing some control of the business. When franchising you have to worry if the franchisee will take care of the name or brand of the business.

REPLY 2

Jack

What are the cousins looking for in a franchisee?

Someone who really cares and has a passion for their work, are they willing to devote their heart, time, and soul, also their most important is someone who is able to maintain their brand.

What personal characteristics do you think helped Tselikis and Lomac succeed as entrepreneurs? What is the culture of Cousins Maine Lobster?

These cousins are very observant and very intelligent, they took their passion very seriously and created a very successful business. They are great at managing other people while creating a family in their business.

Why did they seek outside help to improve their business? What sort of help did they receive?

they sought outside help because they knew nothing about running a business and needed more money to expand in order to keep them going. They received help from a financial investor from shark tank. This person was in charge of supplying money in exchange for a stake in their company.

What could the cousins have done to be better prepared for the opening of their first food truck?

the cousins had no prior knowledge of running a business or running a staff, they were losing money due to not having enough material or having too much waste. They didn’t know how to manage their money or to budget for expenses. If they had gone to a business school prior to opening up their business they would’ve been better prepared for the opening of their business. Or they could’ve hired a professional to teach them the ropes first.

What are some of the advantages and disadvantages of expanding a business by franchising?

One of the most notable advantages of expanding a business by franchising is you are able to reach a bigger market of people, therefore, increasing your capital. You’re able to get more publicity and be able to reach different demographics. The biggest disadvantage in my opinion would have to be now that you’re a bigger company and have more employees the potential for multiple different conflicts is now much bigger. Another disadvantage is now you’re going to have to let some control go of your business that you’ve worked so hard for and let others run it the way you want it to be.

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