Sample Essay
A standalone is a business is one which operates independently and is owned by the proprietor running the business. Such a business usually has no association or endorsement with any other company in terms of its name, processes and operations.
“A stand-alone business typically comes with an established customer base, unless you will move the business to a new location” (‘Should You Purchase a Stand-Alone Business or a Franchise’, p1)
A franchise on the other hand is a business which buys the license from another company to operate under its company name and make use of its copyright protected and trademarked brands and business concepts. One of the most famous franchised businesses around the world is the McDonalds franchise. (‘Diversity in Franchising: McDonald’s strives to mirror its communities’, 2005) The original parent company of McDonalds is situated inCentral North America, but the company has operations in more than 175 countries around the world. Majority of the operation of the company are operated by franchises in which separate franchisers buy the rights to operate their business under the name of McDonalds while providing the same quality and service in its products as is the product and service offering of the McDonalds Company. (Rensi, 1995) Standalone businesses as well as franchises can be launched by entrepreneurs who seek to establish unique and innovative business. The main difference between an entrepreneur and any other form of business man is that entrepreneurs are willing to take on risks. They do not take on excessive risk; instead they are “calculated risk takers, who define the risks inherent in any venture and attempt to minimize them” (Kathleen, 2006, p6)
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