An investigation into franchising in Bulgaria
University of Wales
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Franchising is a popular method of business worldwide. A comprehensive definition which summarizes the essence of the model states that: "Owning a franchise allows you to go into business for yourself, but not by yourself." (The International Franchise Association, 2001) It is an appropriate way of starting a business for any entrepreneur and is becoming more preferred as the initial risk is lower and the backing of the already established brand is a promise for success. Businesses are expanding and entering new markets internationally using this mode as a growth driver. In Bulgaria, a country with still underdeveloped potential, international franchise chains and establishments have started increasingly to invest and look for local franchise partners in the last few years. Therefore, it is worth examining the model, its principles and main concepts, its advantages and disadvantages. Also it is worth investigating the current situation on the Bulgarian market and the opportunity for starting such a business in the country. This piece of work aims to show the above-mentioned investigation through an analysis of relevant and reliable secondary data, and an undertaken primary research outlining the leading brands on the market, their customers’ attitudes, and the difference of opinions between people interesting in the subject and those who are not. Through this analysis it will become clear which the leading franchisor according to people who are just consumers and such who have a vested interest on the topic. Also, it will become evident if franchising could be deemed a worthwhile venture in the Bulgarian business environment and an analysis will be made on the recent challenges, perspectives and forecasts of the entrepreneurs in the field of franchising.
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