Utilizing the Franchise Business Model as a Tool for Sustainable Local Economic Development in Low-Wealth Urban Bus. Districts
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Franchise businesses are rarely considered by local economic development professionals as a viable, small business strategy. This may be due to a lack of understanding regarding the entire breadth of franchise sectors, certain obstacles observed within the franchisor-franchisee relationship, or the misconception that franchise businesses require an entirely separate approach outside of current revitalization approaches. Additionally under-represented groups often must overcome substantial hurdles like how to leverage capital from outside funding sources or the identification of emerging franchise sectors to operate a 5 sustainable franchise. This paper seeks to explore the franchise business model and the franchisor-franchisee relationship, provide case assessments and recommendations based on existing local economic development strategies, and offer future opportunities for leveraging this tool as an important component of sustainable local economic development.