Madeeha Iyer asks for your advice in opening a new business. She plans to provide tax-related services to individuals and small-business owners in her community. Of course, she wants an attractive means of starting and operating her business with a reasonable hope of succeeding in it. What will be your advice?

Question

Business

Derek Tapia

9 April, 06:31

Madeeha Iyer asks for your advice in opening a new business. She plans to provide tax-related services to individuals and small-business owners in her community. Of course, she wants an attractive means of starting and operating her business with a reasonable hope of succeeding in it. What will be your advice?

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Answers (1)

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Landen · Answer 1

The correct answer is letter "C": Consider purchasing a franchise.

Explanation:

A franchise is a business in which one party (the franchisee) acquires access to a franchisor's proprietary knowledge, processes, and trademarks. A franchise provides the opportunity to own a business while avoiding many of the initial challenges.

The franchisee purchases the right to sell a product or service under an established brand. The market already knows the brand, therefore there is no need to spend additional resources on product introduction.

Thus, Madeeha Iyer should consider buying a franchise if she wants to start a business with a reasonable expectation of being successful.