Conceptual Models of Franchisee Behaviors in the Dietary Supplements and Cosmetics to Imply the Business Investments

: Franchise businesses have demonstrated resilience before, through, and after the circum-stances of COVID-19. This can be attributed to the inherent appeal of rapid success and risk mitigation for investors. Therefore, investors are attached to engaging in a franchise business model. Fierce competition exists among franchise businesses, with numerous brands within the same industry, especially the cosmetic and dietary supplement franchise category, which has garnered significant popularity in Southeast Asia, particularly Thailand. The expansion of this franchise category has accelerated, surpassing the growth rates observed in other countries. Investment decisions across various investor levels are influenced by diverse factors, including intense competition, contributing to the rapid expansion. Therefore, a comprehensive study and understanding of the investment behavior of cosmetic and dietary supplement franchise businesses has become imperative. The success of a franchise business hinges on different factors encompassing decisions made before, during, and after investments. This study delves into the decision-making behaviors preceding and following investments across different investor levels in the cosmetics and dietary supplement franchise industry, utilizing fundamental aspects derived from rational choice theory (RCT) and additional variables. The researcher gathered responses through questionnaires from 490 respondents with investment experience in the cosmetics and dietary supplement franchise business. The study revealed that factors postulated in this study significantly influenced investment choices within cosmetics and dietary supplement franchises. When segmented based on investor levels, distinct considerations emerged for each group. Furthermore, there is a compelling need for cosmetic and dietary supplement franchise owners to implement enhancements in services to uphold and expand investor bases, representing an intense challenge in the cosmetics and dietary supplement franchise business nowadays. This study is intended only for individuals with prior investment experience in the cosmetics and dietary supplement franchise industry. It focuses on examining the factors that influence investment decisions both before and after the initial investment, particularly with regard to dietary supplement and cosmetics franchises.


Introduction
The franchise industry is a pivotal and rapidly expanding business globally [1] due to its ability to generate substantial economic value [2].This business model facilitates business development and alleviates constraints, providing a distinct advantage in capital and personnel collaboration and fostering growth within the organization [3].Additionally, it offers aspiring entrepreneurs a greater likelihood of success and a faster trajectory than starting a business independently [2].Against the current high-stakes economic landscape, the competition among franchise businesses is notably intense.Survival as a franchise business investor requires adaptation, particularly for those venturing into independent business ownership with investment capital but lacking business operating experience [4]; therefore, they need more time to explore the business, undergo a process of trial and error, and establish a reputation or cultivate brand popularity in the market [5,6].This journey unfolds within an increasingly competitive economic environment characterized by domestic and international competitors.Consequently, new entrepreneurs face elevated risks and are likely to encounter challenges [7,8] as they strive to establish themselves in the market [9].Therefore, a franchise business is another attractive and internationally accepted option that can reduce the limitations mentioned above.According to statistics, the number of franchise businesses in Thailand and worldwide is increasing yearly [10].The expansion of franchise businesses in Thailand has evolved over 20 years.Despite encountering challenges during economic crises, franchise businesses initially received more attention from entrepreneurs.Franchise business underwent development as part of efforts to bolster the growth of small enterprises [11].This strategic promotion, orchestrated by the government, underscores the franchise business as an attractive investment opportunity.It particularly appeals to aspiring entrepreneurs due to its success.Even amidst economic challenges, the Thai franchise business has evolved into a more systematic and structured system [12].Despite the prevailing economic downturn, this situation enhances business opportunities through the franchise system.Most entrepreneurs seek stability and invest in a franchise business during economic uncertainty, akin to a shortcut that mitigates risks associated with running a business [13].This trend has become a novel solution for investors, rendering the franchise business highly intriguing [11].At its core, the franchise business embodies a self-selling business system, functioning as a marketing model that generates income for entrepreneurs [14,15].The essence lies in fostering a collective strength in brand identity, as franchising revolves around establishing consistent standards for presenting products and services across all branches under the same brand, shaped by the success, fame, and widespread acceptance of the franchise seller, thus ensuring that the brand, service, or trademark becomes profoundly ingrained and familiar to consumers over an extended period [16].Hence, franchise investors stand to gain significant advantages from consumers' recognition of the trademark [17].The franchise business is acknowledged as one of Thailand's most pivotal and rapidly expanding sectors.This is attributed to its capacity to generate economic value, facilitate swift development and expansion of businesses, and alleviate various limitations [18].Moreover, it provides a strategic advantage in capital acquisition and the recruitment of personnel, fostering organizational growth, and presenting opportunities for new entrepreneurs to achieve success more efficiently than starting an independent venture [19].Supported by franchise business statistics, Thailand has enjoyed continuous growth in the franchise industry.
The cosmetics and dietary supplement franchise business is considered a unique format that is efficient in distribution channels [20].It is an expansion of the market and distribution channels [21] through branches through independent operators called "Franchisees" [22].The company that grants trademark rights is called a "Franchisor", a person with expertise in or knowledge of running that type of business [23].The franchisor will convey the cosmetics and dietary supplement business operations to the franchisee, such as production models, sales models, brand images, and marketing management, to ensure the business model is effectively applied to all branches under the same standards [11].Embarking on the entrepreneurship journey is a significant decision with profound implications for aspiring entrepreneurs and those associated with the venture [24].This commitment demands dedicated effort and substantial investment, making the potential impact of failure considerable.A business setback can negatively affect the lifestyle of the entrepreneur, their family, and other stakeholders [19].Consequently, individuals aspiring to become entrepreneurs must thoroughly assess their preparedness and qualifications across various dimensions, considering all relevant factors [25].Furthermore, entrepreneurs are cautioned to exercise awareness and informed decision making before committing to their business endeavors [26].Research into the failures of cosmetics and dietary supplement franchise businesses has identified a significant factor contributing to such failures [20]: a deficiency of inconsistent supervision and support from the franchise owner [24].This lack encompasses critical areas such as marketing, product development, and training [27].These findings underscore certain drawbacks inherent in cosmetics and dietary supplement franchise businesses that prospective entrepreneurs must carefully consider before making investment decisions [19].The research highlights that franchise investors who receive proper support from the franchisor tend to develop a strong attachment to the brand [28].This fosters a tendency to contribute value to the brand, creating a long-term relationship that is crucial for both the franchise investor and the franchisee [29].Therefore, it is essential for the franchisee to work diligently on building the franchise brand, ensuring its strength and widespread acceptance among consumers.In the cosmetics and dietary supplement franchise business, the experience of the franchisor is a critical factor [27].The franchisor must possess initiative, knowledge, and expertise, undergoing a process of trial and error to refine methods.As a result, those who choose to invest in franchises can benefit from time savings in the learning process [5].When it comes to franchisee, their success greatly depends on their relationship with the franchise seller [30].The franchisor's approach to business operations is highly influenced by the expertise of the franchise seller [23].This is especially crucial for those who lack business experience [20].Additionally, the franchisor's expertise is important in terms of brand value, which helps the franchise business to be reliable and trusted by consumers [31][32][33].Creating products that cater to the needs of consumers is also a crucial factor in developing a successful strategy for cosmetics and dietary supplement franchise businesses.Therefore, it can be concluded that there are factors that contribute to the success of the franchise business [7,8,10,16,20,23,24,27,[33][34][35][36].
The importance of understanding franchisee behaviors in the dietary supplement and cosmetics industry would greatly enhance this study.Here are a few key points to consider: (1) Franchisee behaviors directly impact brand reputation: Franchisees are the face of the brand at the local level, and their actions can significantly influence how customers perceive the entire franchise.Understanding their behaviors can help franchisors identify and address any potential issues that could damage the brand's reputation, (2) Franchisee behaviors affect sales and profitability: The success of a franchise system depends on the ability of franchisees to generate sales and profits.,In addition, (3) franchisee behaviors can drive innovation: Franchisees are often on the front lines of customer interaction and can provide valuable insights into new product development and service offerings [5,23,24,27,30,34,36].
The researcher studied factors influencing investment decisions in cosmetics and dietary supplement franchises.This study analyzes various factors such as products, franchise support [3,33], risks, brand reputation [34], investment, product quality, benefits [35], and franchise experience to determine their impact on the decision to invest in this type of franchise business.This research aims to guide entrepreneurs interested in using the franchise management model to expand their business and improve efficiency [20].The information gathered from this study can be used to plan and enhance the franchise system or related companies and assist those interested in becoming entrepreneurs in making informed decisions when choosing to invest in franchise businesses [27,36].This research is unique as it is the first study to examine the cosmetics and dietary supplement franchise businesses and the factors influencing investment decisions in this market.The study is guided by several research questions that will help to provide insights into the factors that influence investment decisions, including the following: RQ1.What are the factors that influence the decision to invest in a cosmetics and dietary supplement franchise, both before and after the initial investment is made?RQ2.Do different franchise investors have varying investment levels, and are there different factors that influence their decision to invest in a cosmetics and dietary supplement franchise, both before and after the initial investment is made?
This research aims to identify the factors influencing franchise investors' decisionmaking process before and after investing in cosmetics and dietary supplement franchises.The study is based on rational decision theory and other factors that can affect investment decisions.It can help franchise sellers of cosmetics and nutritional supplements enhance their services to attract and retain a sustainable franchise investor customer base.Questionnaires were created and distributed online to franchise investors with prior experience in cosmetics and dietary supplement franchises to collect data for this research.The preimplementation questionnaire and actual testing were evaluated by more than 490 people who have invested in franchises, categorized into three levels of investment: high, medium, and low.The research findings indicate that franchise investors pay close attention to all the factors the researcher has hypothesized, particularly the benefits they will receive about the investment costs, franchisor support, product quality of cosmetics and dietary supplements, franchise owner's experience and reputation, and potential risks.The investment level of franchise investors determines the factors influencing their investment decisions.Furthermore, after investing in the franchise, franchisees continue investing, referring others, and remaining loyal to the brand.

Literature Review
The literature review on this topic can be categorized into three distinct groups.The first group involves a review of theories related to franchising.The second group focuses on examining the factors that influence investment decisions in the franchise business.Lastly, the third group delves into a comprehensive literature review that addresses the investment decision process before and after investing in a franchise business.

Franchise Business and Theories
The fast-paced growth of the global economy presents an opportunity for expanding franchises worldwide [27].With recent events surrounding COVID-19, investing in franchise businesses has become a strategic way to reduce the risk of losses associated with creating proprietary product brands [19].However, franchise owners need help with several challenges, including cultural diversity, physical infrastructure, and political differences across various countries and regions.Managing franchise businesses or B2B trade becomes more complex due to these factors [37,38], and franchise owners encounter obstacles in brand development because of the impact of different laws, regulations, and restrictions on franchising, which vary in size and nature in each country [34].These complexities are particularly evident in industries such as cosmetics and dietary supplements, where severe limitations are imposed [39].Therefore, researchers need to conduct empirical studies examining investor behavior in cosmetics and dietary supplement franchises.This requires a comprehensive review of the literature on various franchising theories, such as rational choice theory [40] and the theory of planned behavior [41].The insights gained from this research aim to contribute to developing a robust model, providing comprehensive information for franchise owners to bolster and enhance confidence in their brands.Additionally, this research proves valuable for investors contemplating future investments, aiding them in making informed decisions about the businesses they plan to invest in.

Franchise Business
The franchise business is classified as B2B, the trade between merchants and entrepreneurs so that the entrepreneurs can resell products to consumers, also known as B2C, from a review of the literature related to the franchise business.It was found that there are studies that examine the franchise business in many aspects, as shown in the Table 1 below.Governance of international franchise networks: Combining value creation and value appropriation perspectives. [39] Develops a new perspective on the franchisor's choice of international governance modes as a value creation and value appropriation mechanism.
Primary data from 162 international franchise systems headquartered in eight countries.
Intangible knowledge-based resources and transaction cost factors for the franchisor's choice between equity modes.
Franchising brand benefits: An integrative perspective.[43] An integrative view of franchise branding by examining brand benefits from three theoretical perspectives and data from two stakeholders.
Significant perceptual gaps, with franchisors having a much narrower view of brand benefits than franchisees, which could potentially be detrimental for this subtype of B2B brands.
Franchise management capabilities and franchisor performance under alternative franchise ownership strategies. [44] Empirically exploit the theoretical distinction between plural form and turnkey franchise ownership strategies.
Quantitative analysis of sample of 229 franchisors.
Franchise management capabilities relate positively to franchisor performance among plural form franchisors.
Impact of positioning strategies on franchise fee structure. [45] Identifies the positioning strategies employed by franchisors and investigates their relationship with the franchise fee structure.
Quantitative analysis of 1234 US franchisors.
Both upfront fee and loyalty rate are positively associated with network size and classroom and on-the-job training, and negatively with franchising experience and support services.
Brand resonance in franchising relationships: A franchiseebased perspective. [46] Investigates the antecedents of brand resonance in the franchising context.
Quantitative analysis of 209 South Korean franchisees through SEM.
Franchisor's knowledge specificity, franchisor's trade equity, and franchisee's trust in franchisors are instrumental in the formation of brand resonance.
Franchisee-based brand equity: The role of brand relationship quality and brand citizenship behavior. [47] Investigates the role of brand relationship quality and brand citizenship behavior in franchising.
Quantitative analysis of 363 Australian franchisees through SEM.
Brand relationship quality promotes brand citizenship behavior, thereby enhancing franchise-based brand equity.
Three strategies for customer value assessment in business markets.[48] Examines brand positioning strategies for industrial firms providing customer solutions.
Multiple case studies, involving four industrial firms providing customer solutions.
Identifies four possible brand position strategies for industrial firms providing customer solutions.

Title Authors (Year) Objective Method Finding
A framework of brand value in B2B markets: The contributing role of functional and motional components. [49] Creates a framework of brand value in B2B markets.
Literature review and 10 exploratory interviews with B2B supplier managers.
Both functional (e.g., technology, quality, etc.) and emotional (e.g., risk reduction, trust, etc.) contribute to the development of industrial brand equity.
Brand relationships and brand equity in franchising.[50] Investigates how brand relationships can be leveraged to enhance brand citizenship behavior and brand equity in franchise channels.
Franchisors play an important role in promoting brand citizenship behavior of franchisees, which in turn enhances brand equity.
Franchise branding: An organizational identity perspective. [51] Franchise branding from an organizational identity perspective.

Content analysis of corporate websites.
Franchise 500 use language associated with market orientation, entrepreneurial orientation, and charismatic rhetoric when compared to lower-performing franchises.
An exploratory investigation of the elements of B2B brand image and its relationship to price premium. [15] To explore the elements of B2B brand image and its relationship to price premium.

Qualitative study through interviews of buyers of corrugated packaging
Brand image elements such as product solution, service, distribution, relationship, and company association positively influence price premium.
According to the literature review related to the franchise business, few studies specifically focus on cosmetics and dietary supplement franchising businesses.Therefore, the researcher wants to study the franchise of this specific business.This will create an academic view of the franchise business that is clearer.

Rational Choice Theory
Rational choice theory (RCT) holds significant sway in academia.It is often recognized as a theory of knowledge that delves into the exploration of human knowledge and the methodologies employed in its acquisition, offering insights into social science phenomena.It emphasizes the crucial factors influencing decision-making processes, positing that everyone possesses unique preferences and the ability to prioritize them [41].The theory's foundational assumption suggests that when presented with clear information about various alternatives, individuals will opt for the option that maximizes their benefit.Rational choice theory is also widely embraced in social sciences [40,41], advocating for the broad application of RCT across diverse fields of study, emphasizing its potential to formulate explicit and testable hypotheses [40].Furthermore, it has been contended that RCT provides a framework to comprehend human behavior aligned with societal norms, emphasizing rational decision making, and yielding positive outcomes through cost-benefit analysis [12].
A review of the past literature found that RCT, consisting of three factors, has yet to be applied to the franchise business.However, it will be seen that RCT has been used as a concept in other areas of work, such as EMS, to facilitate employees working from home and Internet abuses at work [40,41], etc.But for the application of RCT to be applied in this research, the researcher studied the factors that influence the decision to invest in a franchise business and therefore found that RCT, which comprises the three factors cost, benefit, and risk, is an exciting factor in studying investment decision-making behavior in the franchise business because these three factors are essential elements and can lead to making assumptions.Therefore, the researcher used it as an input factor to formulate a hypothesis in this study.

Factors Influencing the Decision Making
The decision to invest in a business means that consumers interested in becoming entrepreneurs in Bangkok consider investing in a franchise business [45,52,53].There is a process of choosing one option from many.The possibilities are considered or well analyzed to achieve the objectives consumers want with maximum efficiency and effectiveness.In addition, consumers interested in becoming entrepreneurs often decide to invest in franchise businesses.Most investors have sufficient investment funds, the intention to do business, the desire to own a business, and the desire to see opportunities for business growth in the future.However, they may want to start something other than their current line of business and have never had any experience in running a business before.Therefore, they may decide to invest in a franchise business to reduce business risks in every aspect, including opinions from franchise owners who have tried and failed to find the best method.Therefore, grant recipients save time on learning.
In this study, the factors influencing the decision-making process refer to what motivates consumers interested in becoming entrepreneurs to decide to invest or not invest in a franchise business.There are seven factors that affect a decision made before choosing to invest or not invest in a franchise business: initial fee [45,[54][55][56], benefits [43,57], investment risk [31,58], franchise products [47,51,57], reputations of the franchise [34,55], franchise experience [58,59], and support of the franchise [3,38,59,60].Moreover, in this research, there are three factors influencing the behavior of franchise investors after investment: continuous investment [29,61], word of mouth [52,53,[61][62][63], and franchise loyalty [64,65].Therefore, in this research, a total of 10 factors influencing decisions made both before and after investments are included in this research.
From the literature review relating to these 10 factors, the literature references for each factor can be found in Table 2 below: After conducting a literature review on the factors that influence the decision-making process of franchise investments, several factors were identified and studied in various areas related to franchising.This has piqued the interest of researchers to investigate the behavior of investors in the cosmetics and dietary supplement franchise business, focusing on these factors in this study.

Decision-Making Process
In general, consumers' decision-making process comprises five steps [52,67,68]: Step 1 involves problem recognition, Step 2 encompasses information search, Step 3 involves evaluating alternatives, Step 4 is dedicated to decision making, and the final step revolves around post-decision behavior [53].However, the investment decision process does not necessarily unfold in step-by-step manner.Consumer investment behavior is characterized as a discrete process.To better analyze it, the researcher has reorganized the purchasing decision process into three stages [53], namely pre-purchase, purchase, and post-purchase (1).The first stage, the pre-purchase process, includes the problem recognition, information search, and alternative evaluation processes.The second stage focuses on the purchasing decision process, while the third stage centers around the post-purchase process.Drawing from previous research, which categorizes decision-making process steps into these three groups, this study applies concepts derived from a literature review of the decision-making process, as illustrated in Table 3 below.
Upon reviewing the literature on decision-making processes, various studies were found to have adopted different models, ranging from a standard five-process approach to both streamlined three-process models and expanded six-process models, as depicted in the above table.Recognizing the diversity in approaches, the researcher has carefully assessed the suitability of applying these models to the investment decision processes within cosmetics and dietary supplement franchises.With a specific focus on these industries, this study aims to investigate three concise processes: pre-decision considerations, decision-making phases, and post-decision activities.

Proposed Model and Hypothesis Development
In this study, a model is introduced and elucidated to address two primary research inquiries: firstly, an exploration of the factors influencing decisions both before and after investing in cosmetics and dietary supplement franchises, and secondly, an investigation into whether varying investment levels among franchise investors are associated with distinct influencing factors both before and after deciding to invest in such franchises, and if so, how these factors manifest.The overarching goal of the research is to analyze influencing factors at different stages of the investment decision-making process in cosmetics and dietary supplement franchises, stratified by the investment level of franchise investors.This investigation aims to contribute insights that can be leveraged to enhance and sustain a robust customer base among franchise investors.Furthermore, it has the potential to offer valuable guidance to franchise sellers in the cosmetics and dietary supplement sectors, enabling them to enhance their services and strategic approaches for future franchise ownership.The ensuing sections delineate the proposed model through which the researcher seeks to address these research questions.

Formulate Model
This topic presents the model using the method of comparing past research with the work presented in Table 4, which is based on the grouping of reviewed research studies shown in Table 1 (about franchising business and theory) [3,7,8,10,16,20,23,24,27,[33][34][35][36]46,47,[51][52][53]57,[61][62][63], Table 2 (factors influencing the decision-making process) [45,52,53,57,[67][68][69], and Table 3 (decision-making process) [52,53,68,70].The researcher has organized the research work into three groups: the first group details the research related to franchise business theory, the second group is research related to factors influencing franchise investment decisions [52,53,70], and the third group is a research study related to the decision-making process for investing in cosmetics and dietary supplement franchises [38].This research study on the franchisor business decision-making process indicated that this process is the core aspect for the design justification of the proposed research model.There are three main purchasing steps in the decision-making process.The pre-purchase and post-purchase variables in the proposed research model have been determined based on the author's experience (as a franchisor of dietary supplements and cosmetics) and on a review of the literature.The study was conducted in three groups that reviewed and compared the literature, presenting this research model as different from previous research.Table 4 and the research model presented in Figure 1 below show the research model proposed to be studied in this research.The details of the hypothesis and its elements will subsequently be explained in Section 3.2.

Hypothesis Development
In Section 3.1, the model has been presented.While this section explains the hypotheses that are the components of the proposed research model, which consists of 13 elements, each element will be described as follows.

Pre-Purchase Decision Making
For this research, the researcher studied seven factors relating to before the investment decision of investors in a franchise business, obtained from reviewing the literature mentioned above.The details of each model component factor can be explained as follows: Franchise Fee Investing in a franchise business requires a fixed fee to be paid before starting operations in the franchise.The "franchise fee" [45,54,56] is something franchise investors and sellers must understand well.Setting an appropriate investment price varies according to brand and business plan for the benefit of both parties [64].Because of the fee collection, we must find a balance point.If it is too expensive, no one will invest.If is too cheap, it is not worth the investment.By setting the price of the fee, many factors must be considered [45,55], such as the product's cost price, promotion, training, support from the franchisor, etc.The franchisee must evaluate their investment abilities as well [54].
When investing in a cosmetic and dietary supplement franchise [56], the entry fee is an important factor to consider.This fee reflects the value that the investor will receive from the franchise brand's products and services.The decision to set the price should align with the franchise's marketing concept, rather than based on whether it is too high or low [45,54,71].An appropriate price will ensure that investors understand the importance of the franchise brand and are willing to invest in it [64].
From the above reasons, it can be hypothesized that investment factors are a factor of franchise investors will influence the decision-making process before deciding to invest in a franchise.

Hypothesis Development
In Section 3.1, the model has been presented.While this section explains the hypotheses that are the components of the proposed research model, which consists of 13 elements, each element will be described as follows.

Pre-Purchase Decision Making
For this research, the researcher studied seven factors relating to before the investment decision of investors in a franchise business, obtained from reviewing the literature mentioned above.The details of each model component factor can be explained as follows: Franchise Fee Investing in a franchise business requires a fixed fee to be paid before starting operations in the franchise.The "franchise fee" [45,54,56] is something franchise investors and sellers must understand well.Setting an appropriate investment price varies according to brand and business plan for the benefit of both parties [64].Because of the fee collection, we must find a balance point.If it is too expensive, no one will invest.If is too cheap, it is not worth the investment.By setting the price of the fee, many factors must be considered [45,55], such as the product's cost price, promotion, training, support from the franchisor, etc.The franchisee must evaluate their investment abilities as well [54].
When investing in a cosmetic and dietary supplement franchise [56], the entry fee is an important factor to consider.This fee reflects the value that the investor will receive from the franchise brand's products and services.The decision to set the price should align with the franchise's marketing concept, rather than based on whether it is too high or low [45,54,71].An appropriate price will ensure that investors understand the importance of the franchise brand and are willing to invest in it [64].
From the above reasons, it can be hypothesized that investment factors are a factor of franchise investors will influence the decision-making process before deciding to invest in a franchise.

Hypothesis 1 (H1).
The franchise fee (FF) influences the pre-purchase (PP) stage of the decisionmaking process when investing in a franchise.

Franchise Benefits
The franchise benefits are part of the elements of RCT.There are related to the investment costs mentioned in the previous section.Typically, investors will consider that if the investment expenses are high, there will be high expectations and benefits that will be received from the investment [43,57].
Profit or return is the primary condition influencing the decision to invest in a franchise business.An unsuccessful investment is an investment that is not profitable or is in a state of loss.A franchise business is a strategy for companies that are successful but still lack the capital and workforce to expand their work [43,69].One factor that franchise investors will consider, and one which may bring benefits in many ways, is the level of expenses or money that will need to be invested in the franchise business [3].The benefits may be for the investors themselves or other benefits that will be received, such as fame, social status, acceptance from society, etc.Also considered are the indirect benefits that will be accepted from investing in a franchise business [6,39].
From the above reasons, it can be hypothesized that the benefit factors received Are factors of franchise investors that will influence the decision-making process before deciding to invest in a franchise.

Hypothesis 2 (H2).
Franchise benefit (FB) influences the pre-purchase (PP) stage of the decisionmaking process when investing in a franchise.

Investment Risk
The risk associated with investing in a franchise business pertains to the uncertainty or possibility of not attaining anticipated returns from the investment [57].This risk emanates from various factors, including those intrinsic to the brand, the products offered, and the support the franchisor provides [40,59].The experience and reputation of the franchise brand also contribute to this risk.The "risk and reward" principle underscore the correlation between seeking higher returns and accepting a higher likelihood of potential losses.Effective "risk management" in the context of franchise investment does not imply the complete elimination of all risks or damages; instead, it involves strategically "limiting" these risks or damages to a minimum [31,58].Consequently, franchise investors should regard risk management as a crucial consideration when evaluating or selecting franchises for investment [57,72], emphasizing the importance of making informed decisions based on comprehensive information and factual insights [6,29].
In the context of this research, investment risk encompasses the attributes of franchise investors or consumers that introduce uncertainty into the franchise's products and the franchisor's business model.Before investing in specific product brands and dietary supplements, franchise owners diligently analyze customer needs, opting for brands exhibiting strengths and competitive advantages [22,55].To foster confidence among franchise investors, the franchise owner commits to continuously developing and enhancing products, ensuring alignment with evolving consumer needs.This commitment involves incorporating state-of-the-art machinery and equipment in production, symbolizing a dedication to modernization and quality [47,58].By prioritizing risk minimization and emphasizing transparency, the franchisor aims to cultivate trust among potential investors [44, 66,73], fostering confidence in their decision to invest in the franchise.
From the above reasons, it can be hypothesized that franchise investors' risk factors influence the process before deciding to invest in a franchise.

Hypothesis 3 (H3).
Investment risk (IR) influences the pre-purchase (PP) stage of the decisionmaking process when investing in a franchise.

Franchise Product
A product is offered to the market to generate interest and fulfill the need for ownership and consumption.It aims to meet the needs of consumers, creating satisfaction through tangible goods or services, places, people, and ideas [71].In the context of a franchise business, the franchisor grants franchise investors the right to sell their quality products [59].These products often present an opportunity for market growth, whether by introducing new items or leveraging successful existing products [47,51].The emphasis is on providing products that not only fulfill consumer needs effectively but also surpass competitors in terms of quality.Measuring consumer satisfaction is pivotal, underscoring the significance of delivering superior product quality to ensure customer contentment [58].
The product price is the money a person pays to invest in products [55,71].It can be expressed as the value users spend in exchange for the benefits of receiving a good or service [74].The prices of franchise products play a vital role in the purchasing decisions of franchise investors and consumers.The decision to set a price must be consistent with the marketing philosophy or concept [45,56].Pricing decisions are not necessarily based on the concept of high or low.The price is based on the value that consumers deem the product to have, so a high price is set and then adjusted up or down.The price sensitivity of consumers must also be considered [47].
Another aspect related to the franchise's products is the quality of the products [49,58].If a product is of low quality, consumers will not repurchase the product.If the product price is too high and beyond the purchasing power of consumers, the product cannot be sold, and franchise investors may not invest anymore [64].
Therefore, the franchise's products should have reasonable prices and quality that satisfy consumers [29,72].The quality of the product must be consistent and standardized to build acceptance and trust in the product every time it is purchased [72].Therefore, the franchise owner who produces the product must always control product quality [27].Products that meet the needs of consumers will be an essential part of creating a strategy for the franchise business to be successful [27].Therefore, many different factors affect the success of a franchise business [55].
For the above reasons, it can be hypothesized that franchise products are a factor that will influence the decision-making process before deciding to invest in a franchise.

Hypothesis 4 (H4).
The franchise product (FP) influences the pre-purchase (PP) stage of the decision-making process when investing in a franchise.

Franchise Reputation
The reputation of a franchise and its products or brand encompasses a distinctive symbol, design, or combination thereof, serving to identify the products and services of a specific seller or group of sellers [58].This identification aims to highlight characteristics that set the brand apart from its competitors [33].Purchasing decisions made by investors or consumers, particularly about specific products, are heavily influenced by the reputation of the franchise owner, seller, or brand [34,55].Unlike economic considerations or the tangible benefits of a brand, consumers' choices are often rooted in psychological factors [3,47].Consequently, there is a critical need for the continuous development of the brand, including all its components, to evoke specific feelings and perceptions among investors or consumers [34,50].This research explores the significance of reputation and brand, emphasizing the creation of a brand that is renowned, widely accepted by investors or consumers, and enjoys widespread recognition.Such a well-established brand not only cultivates a loyal customer base but also sustains market demand, attributed to its low marketing expenses and general consumer familiarity [7,13,31].
Nyadzayo, Matanda, and Ewing (2011) [50] studied the relationship of brand and brand equity in franchise businesses.Part of the study concluded that it is essential to manage brand relationships so that franchise investors know the brand's value [6].Franchise owners must support franchise investors by sharing adequate and appropriate information [18,36].
Jindal, R. P., Sivadas, E., & Kang, B. (2021) studied the relationship between brand equity and the communication environment and found that the communication environment positively affects brand equity in terms of brand strength and brand likability.This result will lead to trust [30,72], as well as the recognition and support of brand values.Therefore, the franchisor's support and communication influence brand value from the perspective of franchise investors [39,42].
From the above reasons, it can be hypothesized that the reputation factor of the franchise is a factor of franchise investors that will influence the decision-making process before deciding to invest in a franchise.

Hypothesis 5 (H5).
The franchise reputation (FR) influences the pre-purchase (PP) stage of the decision-making process when investing in a franchise.

Franchise Experience
A franchisor's expertise comes from learning from long years of franchising and can support operations for franchise investors [38,58].In this study, franchise experience also refers to the ability or expertise in management based on the type of business the franchise owner has previously conducted or the length of time they have worked before, including success in doing business of the same kind and being able to expand to many branches [47].
Franchise owners must create a strong franchise brand acceptable to franchise investors and consumers [37].The franchise owner's experience is another factor that plays a role in the business of every franchise.This is because the franchise owner must be a person with initiative, knowledge, and expertise.And there is a process of trial and error until the best method is found.Thus, the franchise investor saves time on learning [38,59].In addition, the franchise investor experience is the relationship between the franchise investor and the franchise owner [6] because the business practices of franchise investors, as well as the expertise of the franchisor, are influential in decision making.This is especially important for franchise investors who lack business experience [59] and is also a factor in supporting brand reliability and trust from franchisees and consumers [46,50,72].
From the above reasons, it can be hypothesized that the franchise experience is a factor that will influence franchise investors in the process before deciding to invest in a franchise.

Hypothesis 6 (H6).
The franchise experience (FE) influences the pre-purchase (PP) stage of the decision-making process when investing in a franchise.

Franchise Support
The franchisor's activities in support of the franchisee include sales support, continuous ongoing advice and consultation, research and development, advertising and promotion, and training for successful franchisees [65].The concept of franchise support includes sales/field support, ongoing advice and consultation, research and development, advertising and promotion, and supplier selection [59,64].The study results found that franchise investors were satisfied with every aspect of the franchisor's support and that the franchise owner was satisfied with the relationships between franchise owners and franchise investors [1,6,30].
Levent Altinay, Maureen Brookes, Gurhan Aktas [72] studied the effect of the nature of the relationship between the franchisor and the franchise investor on franchise investor satisfaction [72].In another study, there were 400 sets of survey data collected among franchise investors [55].The study concluded that cultural factors in a franchise system are just as important.Factors supporting the franchise owner's franchise may be more important than the franchise owner's franchise support factors [60,75].This research discusses applying the results to business use for executives or entrepreneurs, including future research directions [7,48,67].
It is important to study the behavior of franchise owners or leaders that affects relationships with members, in terms of supportive behavior, empathy, and counseling.This behavior is beneficial in management for leaders to build solid organizational relationships [50].This research indicates that some leaders can have good relationships with people [47].Many people can be successful through the support of leaders [13].
A study of franchise investors found that franchise investors who receive appropriate and sufficient support from the franchisor have high levels of brand loyalty and brand commitment [19].Support from franchise owners leads to business development that promotes loyalty to the franchise's brand among consumers, leading to franchise business decision making [68].Brand loyalty is the mental and emotional connection between franchise investors and the brand.It is also a long-term relationship that is extremely important [47,49].
From the above reasons, it can be hypothesized that franchise support is a factor of franchise investors that will influence the decision-making process before deciding to invest in a franchise.

Hypothesis 7 (H7).
Franchise support (FS) influences the pre-purchase (PP) stage of the decisionmaking process when investing in a franchise.

Decision-Making Process (DMP)
Each consumer has a similar or different decision-making process [19,67,75].The steps involved will be described below.For some consumers, all steps may or may not be complete.There are five steps of decision-making process behavior [52,68,70], which can be divided into three time periods [53], which consist of the time before, during, and after the decision.The details are as follows: The first stage is called the pre-purchase stage or the period before making an investment decision.It is a pre-purchase decision process consisting of three steps: Step 1: Recognition of need; Step 2: Information gathering; Step 3: Evaluation of alternatives [53].The first step in the decision-making process occurs when a person senses the discrepancy between how the consumer imagines their desired and actual state at a given time and determines that this is a desire of high enough priority.The primary source of awareness of a problem is the need to be aware of it.This tends to move toward a purpose or goal.The need or problem arises stems from an internal stimulus or an external stimulus.The next step is seeking information within memory to determine which choices include various characteristics.Is the product description clear enough to be purchased without searching for further information?If there is insufficient information in the customer's memory, it will usually have to be sought from outside sources.Individual differences and environmental influences influence this search from outside sources and for evaluating options before purchasing [53].Prospective franchise investors use criteria to evaluate their options to compare the products and brands mentioned.In other words, the criterion is the result we desire to achieve from the investment.Moreover, further criteria include consumption and expression in the ways we like.Evaluating alternatives before investing is customized and is influenced by individual differences and environmental influences.
The second period is called the purchase stage or investment decision period [53].It is the process of making investment decisions consisting of a single step (Step 4: Purchase decision), which usually occurs in retail stores.However, the critical thing that must be there is sales staff with high expertise.After the consumer has chosen a product or service from among several alternatives, at this stage, the consumer is ready to buy, that is, an exchange of money or a promise to pay to obtain the desired product or service [74].At this stage, the purchase condition and availability must still be considered and decided.A purchase decision will be made if these two elements are satisfied and agreed upon [72].However, if something is unsatisfactory or unacceptable, the franchise investor may not invest even if they are satisfied with the franchise's products.
Moreover, the last moment is the post-purchase stage or the period after investment, which is a purchasing decision process consisting of a single step (Step 5: Post-purchase evaluation) [53].What is interesting is consumer satisfaction and maintaining that satisfaction.The interesting question is as follows: "Buyer's expectations: Is the product as expected"?The result is satisfactory if the expectations match the product's performance.However, dissatisfaction may arise if there is an alternative that was not chosen, and one imagines an image of a product that is better than that of the chosen brand.The behavior after purchasing something will follow; that is, the customer might buy more or evaluate the purchase already made.In many cases, the purchase of a particular product or service will create inspiration and facilitate a following purchase.However, sometimes, consumers may reevaluate the purchase of a product or service [68].Can the product they have purchased solve the problem they are having, as advertised?Does the product meet the expected characteristics?If consumers are satisfied, this will lead to repeat purchases when the products and services are used up, and consumers will repeatedly inform other consumers who are interested in the same products in a positive way.On the contrary, if they are not satisfied, they may turn to buying products from other brands, and brands and will inform other consumers.On the negative side, the dissatisfaction caused by the purchase will result in cognitive dissonance.There may be doubt regarding their decision.Did they make the right decision?Or they may feel regretful and disappointed in their decision to purchase that product, instead of choosing to choose another option.This feeling always arises, for example, when a buyer purchases an expensive product such as a house, car, furniture, or a purchase having been presented with many options.When they have this feeling, they will try to reduce their anxiety, such as selling it or finding a sponsor.

Post-Purchase Factors
For franchisees who decide to invest in franchise business, there are factors that influence their decision making after investing in a franchise.The researcher divided these into three factors as follows:

Continuous Investment (CI)
From the learning results of consumers, the brand's ability to meet its needs indicates a positive attitude toward the brand, which results in continued purchases of the same brand [29,61].Regarding brand commitment, this is when consumers are firmly attached to that brand.Consumers tend to buy products or services of only one brand without hesitation, which represents stability for this brand.Brand commitment can also be compared among competitors by using predictions of consumer buying behavior [52,53,70].
Therefore, it can be hypothesized that the investment will continue for the above reasons.It is a factor that will influence the decision-making process after deciding to invest in a franchise.

Word of Mouth (WM)
Word-of-mouth communication is an essential reference source because it expresses opinions from people with direct experience in the product [61][62][63]76].Voicing their opinions is beneficial for those who are interested [52,53,70].It is possible to communicate through many channels or via reviews from experienced consumers.It is information that allows consumers who read reviews to understand the product and see the relationship between themselves and the product more clearly [30,42].
From the above reasons, it can be hypothesized that word of mouth is a factor that will influence the decision-making process after deciding to invest in a franchise.

Hypothesis 11 (H11).
Word of mouth (WM) influences the post-purchase (PO) stage of the decision-making process when investing in a franchise.

Franchise Loyalty (FL)
Brand loyalty refers to a group of consumers who are highly loyal to a brand [64,65] and who are satisfied and take pride in choosing that brand [72].Brands are essential for franchises to use and express their identity to enhance customer engagement with and emotional attachment to a franchise [61].Through this, franchise owners have a sense of ownership and are likely to continue operating the franchise business in the future.This includes spreading the word willingly.Therefore, when a person has a good experience and attitude toward a brand, it will create loyalty, and they will be ready to reinvest or return to use the service again [64].They may also have told the people nearby that when coming to use the service next time, they can have confidence; that is, they will have the determination and intention to use the service.If customers do not change their mind by going to a competing store, then over time, this will eventually lead to brand loyalty [49].The users will feel part of the brand, having developed a determination to protect and preserve the reputation of that brand.
Brand loyalty is the consistent satisfaction with or purchase of the same brand from a particular company's range of products [65].It is a study of buyers' consumption habits.It is found that brands with a more significant market share also have large groups of buyers who are loyal to that brand.This results from satisfaction toward the brand from consumers who have used that product [65].This causes an unchanging feeling of attachment to and purchase of the same brand.The factors that will create brand loyalty, aside from satisfaction, are the different consumer perceptions of each brand and the benefits that the brand provides [43].Brand loyalty is a solid commitment toward repeat purchases, no matter how other brands influence them with their marketing strategies [44].Consumers who are loyal to a brand will not switch to another brand.This can separate repeat purchase behavior that is truly loyal to the brand from repeat purchase behavior that relates to inertia [53].Moreover, real brand loyalty must be based on brand commitment, not just on purchasing that brand.
From the above reasons, it can be hypothesized that commitment to the franchise is a factor that will influence the decision-making process after deciding to invest in a franchise.

Hypothesis 12 (H12).
Franchise loyalty (FL) influences the post-purchase (PO) stage of the decision-making process to invest in a franchise.

Research Methodology
From the topics mentioned above for the proposed model and hypothesis, this topic presents and explains the research process using a quantitative research model that includes population and data collection study tools: data processing and statistical methods for analyzing and testing hypotheses regarding relationships between established variables.

Questionnaires and Data Collection
The study utilized a sample group consisting of individuals experienced in investing in cosmetics and dietary supplement franchises.A questionnaire, designed using established research methods and tools, was submitted for review to the Mahidol University Ethics Review Committee.Approval was obtained from the Institutional Review Board (IRB) of Mahidol University, with the assigned approval number MU-CIRB 2023/096.0906.
The data collection process from the sample group was conducted in three phases: Pre-test, Pilot Test, and Main Test, respectively.
Pre-testing involved collecting data from a preliminary sample of 50 individuals with experience investing in franchises.This data collection took place over 10 days, from 20 June to 29 June 2023.The purpose was to test the instrument and assess the reliability of the questionnaire questions.Following this, specific questions were revised based on the obtained insights, leading to the initiation of the pilot test.
Pilot testing data were gathered from a pilot group of 50 samples over ten days, from 5 July to 14 July 2023.The primary objectives were to refine the tool, clarify questions, and determine the confidence level associated with each question.To ensure reliability, coefficients were calculated using Cronbach's Alpha Coefficient (α-Coefficient) [77], with values exceeding 0.70, indicating the questions' dependability.Cronbach's alpha values ranged from 0.707 to 0.894, signifying a satisfactory level of reliability.
Main testing involved collecting data from 490 real samples over a period of 35 days, from 20 July to 23 August 2023.Throughout all three phases, the researcher employed online questionnaires via "Google Forms", leveraging social media platforms such as Facebook and LINE applications for data collection.The collected information underwent thorough statistical data analysis and processing tailored to the research study's objectives.

The Scope of Survey
This research targets franchise investors, and the sample size was determined using statistical formulas.As the exact population size is unknown, Cochran's principle [78] was employed.The sample size was calculated using Cochran's formula with a confidence level of 95%, represented by a Z Score of 1.96, and an acceptable sampling error of 5% (e = 0.05).The calculated sample size from the statistical formula was 384 samples, as shown in (1) below.Notably, the researcher collected a total of 490 samples for use in the simulation analysis of this research.

Questionnaire Design
The research employed an online questionnaire developed through an extensive review of relevant literature.The questionnaire comprised a total of 45 questions organized into 5 parts.
Part 1: General Information of Respondents.This part involved gathering background details such as gender, age, educational level, experience in the franchise business, franchise membership level, and average monthly income from operating a franchise.This section included a total of 6 questions.Part 2: Opinions on Factors Influencing Pre-Investment Decisions.This consisted of 21 questions that used a 5-point Likert Scale to measure satisfaction levels, ranging from 'most agree' to 'most disagree'.Part 3: Opinions on Factors Influencing Post-Investment Decisions.This comprised 9 questions using a 5-level Likert scale ('most agree' to 'most disagree') to gauge satisfaction levels.Part 4: Decision-Making Process.This contained 9 items measured with a 5-point Likert Scale, reflecting satisfaction levels from 'most agree' to 'most disagree'.Part 5: Additional Suggestions.This involved soliciting extra insights and recommendations (Table 5).

Statistical Data Analysis
The data analysis for this research involved descriptive statistics, including valid percent, frequency, average, and standard deviation.These statistical measures were employed to analyze the levels of opinions expressed by the respondents.To assess the reliability of the research instruments, the researcher utilized Cronbach's Alpha coefficient.This coefficient, ranging between 0 and 1, is a measure of reliability.A Cronbach's Alpha coefficient closer to 0 indicates relatively lower reliability, while a value closer to 1 signifies higher reliability.In this study, the acceptable criterion for research reliability is set at a Cronbach's Alpha coefficient of not less than 0.7.
The analysis of questionnaire composition involves grouping data on interconnected variables to enhance the questionnaire's accuracy (validity).This process employs the criterion of Factor Loading to evaluate the factors in the questions used for data collection.For the questionnaire to be considered valid, the factors must exhibit a high Factor Loading value, typically exceeding 0.7.Any component weighted below 0.7 is deemed insufficient and will be eliminated from the analysis.
This research uses inferential statistics to analyze the Partial Least Squares Structural Equation Modeling (PLS-SEM) Structural Equation Model.PLS is a method for examining multivariate structural models that combines regression and confirmatory factor analysis (CFA) of all variables in the conceptual framework and path analysis for testing hypotheses and structural models simultaneously [79] using the program SmartPLS version 4.0.8.2 [80] for the analysis in this research.The analysis results will subsequently be displayed and discussed in Section 6.

Results
The data analysis followed a two-step approach by [81], which involved testing the reliability and validity of the measurement model.Additionally, it encompassed the testing of research hypotheses and the examination of conceptual models.

Measurement Model
This research used SmartPLS version 4.0.8.2 to perform PLS analysis and Bootstrapping [77] on 5000 sub-samples to evaluate the significance of the indicators and path coefficients, as shown in Table 2, showing the test results.The reliability and validity of the components of all 45 questions of a total of 13 constructs, showing mean values between 3.400 and 4.558, S.D. values between 0.601 and 1.111, and loading values between 0.701 and 0.914, all of which have values greater than 0.70 [77], and variance inflation factor (VIF) values ranging from 1.132 to 2.917, all of which were less than 5.00 [80].The maximum VIF of 2.917 was below the cut-off point of 3.3 [82] and can be displayed across all components.The 45 questions are shown in Table 6 below.All components of the questionnaire exhibited Cronbach's alpha values ranging from 0.707 to 0.894, surpassing the acceptable threshold of 0.700 [77], indicating a high level of reliability.The Composite Reliability (CR) values, ranging from 0.706 to 0.897, also exceeded the acceptable threshold of 0.700 [77].The Average Variance Extracted (AVE) values, falling between 0.518 and 0.825, surpassed the standard criterion of 0.500, as presented in Table 7 below.To assess the accuracy of the model, the Fornell-Larcker criteria from 1981 were employed.This involved considering the value of the diagonal with the highest value in each column, which should not be less than 0.70.It is calculated as the square root of the Average Variance Extracted (AVE) value in each construct.Consequently, the research model is deemed appropriate based on the Fornell-Larcker criteria, as illustrated in Table 8 below.

Structural Model
Hypothesis testing was conducted based on the proposed research model in Figure 1 in Section 3.1, utilizing the PLS algorithm with 490 sample samples and Bootstrapping [77] on 5000 re-samples.The significance level was set at 0.05 for the influence coefficient (path coefficient (β)), t-value, and p-value.The acceptance criteria for the path coefficient (β) were set at >0.10, t-value > 1.96, and p-value < 0.05, <0.01 and <0.001, respectively.The results of the hypothesis test for the model, presented in Table 9, indicate that H1-H12 are all supported, as depicted in Figure 2 below.However, if the p-value is more than 0.05, then it will not be supported or correlated (No).
The results presented in Table 9 demonstrate that all 12 items (H1-H12) and 13 elements, including FE, FB, PR, FP, FR, FE, FS, PP, PU, PO, CI, WM, and FL, were supported.These elements collectively influence the pre-purchase, during-purchase, and post-purchase processes of franchise investment, as illustrated in Figure 2 below.The results divided franchise investors into three investment level groups, namely high, medium, and low investment groups, with details as shown in Figures 3-5.The results are divided by investment level groups of franchise investors into 3 levels, namely high investment, medium, and low investment groups, with details as shown in Table 10 below.The results divided franchise investors into three investment level groups, namely high, medium, and low investment groups, with details as shown in Figures 3-5.The results divided franchise investors into three investment level groups, namely high, medium, and low investment groups, with details as shown in Figures 3-5.

Model Fit
The analysis of the entire proposed model structure involves evaluating the Model fit results across three key components.The first component is the determination coefficient (R 2 ) with the following criteria: if the value is <0.19, it is deemed unacceptable; between 0.19 and 0.33, it is acceptable at a low level; between 0.33 and 0.67, it is considered acceptable at a moderate level; and >0.67, it is deemed acceptable at a good level.The R 2 values for all constructs fall within the acceptable range: word of mouth (WM) at 0.308 (acceptable at a low level), franchise loyalty (FL), post-purchase (PO), purchase (PU), and continuous investment (CI) at 0.343, 0.412, 0.420, and 0.469, respectively (acceptable at a moderate level), and pre-purchase (PP) at 0.793 (acceptable at a good level), as depicted in Figure 4.The second component is the Standardized Root Mean-square Residual (SRMR), with the acceptable value not exceeding 0.08 [77,83,84].The obtained value is 0.039, indicating a good fit.The third component is the Goodness of Fit (GoF) value, calculated as the square root of the multiplication between the average of the determination coefficient (R 2 ) and AVE.The acceptance level criteria are as follows: value <0.1 is considered No FIT, 0.1-0.25 is Small, 0.25-0.36 is Medium, and >0.36 is Large [85].The GoF value is calculated at 0.540, as shown in ( 2

Model Fit
The analysis of the entire proposed model structure involves evaluating the Model fit results across three key components.The first component is the determination coefficient (R 2 ) with the following criteria: if the value is <0.19, it is deemed unacceptable; between 0.19 and 0.33, it is acceptable at a low level; between 0.33 and 0.67, it is considered acceptable at a moderate level; and >0.67, it is deemed acceptable at a good level.The R 2 values for all constructs fall within the acceptable range: word of mouth (WM) at 0.308 (acceptable at a low level), franchise loyalty (FL), post-purchase (PO), purchase (PU), and continuous investment (CI) at 0.343, 0.412, 0.420, and 0.469, respectively (acceptable at a moderate level), and pre-purchase (PP) at 0.793 (acceptable at a good level), as depicted in Figure 4.The second component is the Standardized Root Mean-square Residual (SRMR), with the acceptable value not exceeding 0.08 [77,83,84].The obtained value is 0.039, indicating a good fit.The third component is the Goodness of Fit (GoF) value, calculated as the square root of the multiplication between the average of the determination

Model Fit
The analysis of the entire proposed model structure involves evaluating the Model fit results across three key components.The first component is the determination coefficient (R 2 ) with the following criteria: if the value is <0.19, it is deemed unacceptable; between 0.19 and 0.33, it is acceptable at a low level; between 0.33 and 0.67, it is considered acceptable at a moderate level; and >0.67, it is deemed acceptable at a good level.The R 2 values for all constructs fall within the acceptable range: word of mouth (WM) at 0.308 (acceptable at a low level), franchise loyalty (FL), post-purchase (PO), purchase (PU), and continuous investment (CI) at 0.343, 0.412, 0.420, and 0.469, respectively (acceptable at a moderate level), and pre-purchase (PP) at 0.793 (acceptable at a good level), as depicted in Figure 4.The second component is the Standardized Root Mean-square Residual (SRMR), with the acceptable value not exceeding 0.08 [77,83,84].The obtained value is 0.039, indicating a good fit.The third component is the Goodness of Fit (GoF) value, calculated as the square root of the multiplication between the average of the determination The results of the model fit are categorized into three investment levels of franchise investors: high investment (Platinum), medium investment (Gold), low investment (Silver).This categorization includes the determination coefficient (R2) for all constructs, the Standardized Root Mean-square Residual (SRMR), and Goodness of Fit (GoF) values.These findings are presented in detail in Table 11 below.

Discussion of Findings and Interpretation
The primary aim of this research is to investigate the factors influencing the decisionmaking process of franchise investors, both before and after their investment in cosmetics and dietary supplement franchises.The research seeks to comprehensively understand the behavior of franchise investors across three investment levels: high, medium, and low.The goal is to provide valuable insights for cosmetic and nutritional supplement franchise sellers, enabling them to enhance their services, attract and retain franchise investors, and effectively manage their customer base.Previous research has yet to explore the factors influencing the franchise investment decision-making process.

Comparisons between a Proposed Research Model and Previous Works
The results of testing all 12 hypotheses in Section 5.2 reveal that factors before and after the investment decision process significantly influence franchise investors' franchise investment decisions and behaviors.However, when the analysis is segmented into four categories based on investment levels-high, moderate, and low-it becomes evident that variations exist in certain factors among the different investment levels.This divergence suggests that franchise investors with distinct investment levels may harbor differing ideas and behaviors influenced by the hypothesized factors.The researcher can draw comparisons between the findings of this study and those of past research, facilitating a comprehensive understanding of franchise investor behavior.
The first group of research utilizes theories and various factors associated with the franchise business to understand their impact on the behavior of franchise investors.This research identifies seven factors influencing investment decisions in the cosmetics and dietary supplement franchise business.
Previous research within this first group indicates that all seven identified factors are consistently influential in the decision-making process for investing in cosmetics and dietary supplement franchises, aligning with the present study's findings.However, when considering different investment levels-high, medium, and low-there are instances where certain factors may not exert influence on franchise investment decisions.These specific findings will be elaborated upon in Section 6.2, providing practical implications for further exploration.
The second group of research focuses on studying the behavior of franchise investors after investing in cosmetics and dietary supplement franchise businesses.This research identifies three types of behavior that occur post-investment.Importantly, it is found that all three types of behavior have a significant influence after investing, aligning consistently with the findings of the present study.Furthermore, across different investment levels-high, moderate, and low-these influences remain consistent, as will be detailed in Section 6.2, providing practical implications for further exploration.
The third group is associated with the decision-making process (DMP), specifically concerning the decision-making process within the scope of investment in a franchise business.Unlike past research that primarily focused on online shopping decisions, this research delves into hypothesizing the investment decision process within the franchise business.Notably, the findings of this study highlight the significant implications of the entire investment decision process-before, during, and after-on investing in cosmetics and dietary supplement franchise businesses.
The goal is to apply the results from this research to enhance services for franchise owners, aiming to both increase and maintain the customer base of franchise investors.This will be achieved by exploring the theoretical implications and practical implications in the subsequent topic.

Implications
Previous research on franchising has focused on input factors that influence investment decisions.However, there has been little examination of the factors involved in the decisionmaking process (DMP).This study is the first attempt to integrate various factors that influence the investment decision-making process.It also examines the post-investment behavior of investors, grouped into different levels.The research provides insights into understanding investor behavior across different franchise businesses.Overall, these findings not only contribute to enhancing services for franchise owners but also offer valuable insights to increase and sustain the customer base of franchise investors.
The preceding section covered the theoretical implications applied in this research.In this section, we delve into the practical implications derived from the conclusions of the study.Cosmetic and dietary supplement franchise owners can implement these strategies to enhance and sustain their franchise investor customer base.The practical implications are categorized into four groups, providing insights for each investment level: an overview of all investment level groups, high investment level group, medium investment level group, and low investment level group: For an overview of every factor before deciding to invest, all seven factors, namely franchise fee, franchise benefit, investment risk, franchise product, franchise reputation, franchise experience, and franchise support, influence the investment decisions of investors in the cosmetics and dietary supplement franchise business.Within these seven factors, they are divided into two groups: the first group is related to franchise business owners, which consists of four factors: product or merchandise, the reputation, experience, and support of the franchisor that enhances the confidence of investors in the franchise business, and how to make franchise brands attractive and attractive to investors.The second group considers franchise investors' risks, such as factoring in the initial fee, benefits received, and risks from investing.These three factors are clearly related.In the case that money has been paid to invest in the cosmetics and dietary supplement business, there remains the question of whether consumers will receive benefits that are worth the investment or not, and if there is a risk.An investment decision includes three factors, namely continuous investment, word of mouth, and franchise loyalty, which influence the behavior of franchise investors after the investment decision.
For investors engaging in high-level investments in the cosmetics and dietary supplement franchise business, five out of the seven factors significantly influence their decisionmaking process.The impactful factors for franchise investors with substantial investments include the initial fees, benefits, franchise product reputation, franchise fame, and support from the franchisor.However, two factors-investment risk and franchisor experience-do not exhibit a significant influence.This suggests that for investors making substantial investments in cosmetics and dietary supplement franchises, the focus should primarily be on the five influential factors.This implies that, with large investments, priority consideration should be given to the assessment of the benefits derived, the reputation of cosmetic products and dietary supplements, and the support provided by the franchise owner, as these factors play a more pivotal role in decision-making compared to investment risk and franchisor experience.
For investors in the cosmetics and dietary supplement franchise business with a medium level of investment, the factors considered before making investment decisions align closely with those for high-level investors.Out of the seven factors, six significantly influence investment decisions in this group, with only one factor-investment risk-having no significant impact.The confidence of investors in this category stems from the belief that the franchise business offers high-quality products with a strong reputation, and they trust the franchise business owner.This confidence leads them to overlook the potential risks associated with investing in cosmetics and dietary supplement franchise businesses.
For investors in the cosmetics and dietary supplement franchise business with a low level of investment, six factors significantly influence their investment decisions.However, there is only one factor-the experience of the franchise owner-that does not have a significant impact.This is attributed to the preference of investors in this category, who prioritize the franchise's brand name and product over the experience of the franchisor.Their focus is primarily on the appeal and reputation of the franchise rather than the experience of franchisor.
In the overall assessment, all three factors-continuous investment, word of mouth, and franchise loyalty-significantly influence the post-investment behavior of investors in the cosmetics and dietary supplement franchise business.The test results reveal that across all investment level groups (comprising high, medium, and low investment levels), these three factors consistently exhibit an influence on post-investment behavior.Successful investments in the cosmetics and dietary supplement franchise business cultivate a pattern among investors, leading them to reinvest, advocate for the business through word of mouth, and foster loyalty.This success instills confidence, trust, pride, and loyalty in the brands they have invested in.
If comparing investments in cosmetics and dietary supplement franchise businesses from this research, there are three investment level groups: high investment, medium investment, and low investment.All groups can be compared to investors in the capital market.Table 12 below explains the factors in considering investors' investment in franchise businesses, as shown in the results of testing the hypotheses divided into three levels, as shown in the table below.In Thailand, investors are divided into four types: domestic institutional investors, securities company account investors, foreign investors, and independent investors.The four types of investors have different investment strategies and factors to consider, such as gross domestic product, average labor wage rate, foreign currency exchange rates, banking sector interest rates, consumer price index government spending, political stability, the economy, and society, and investors in the capital market have different considerations regarding each factor.However, to explain the factors to consider for investing in the capital market and in accordance with this research, the researcher will compare the investment consideration factors in franchise businesses with domestic, independent investors in the capital market with similar investment consideration factors.To explain more clearly, there will be a specific focus on the investment behavior of franchise businesses and investments in the capital market in Thailand.
For domestic, independent investors in the capital market, six factors are considered: the company's products or services, the company's reputation, company experience, company support, benefits received from the company, and investment risks.The factor of entrance fees is not applicable for consideration in capital market investments, as there is no entry fee associated with investing in the capital market.
Independent investors in Thailand's capital market must consider all these factors before investing, which relate to the following information about a company: Products released by the company should show that the company tends to grow over time.Suitability for investment: The company's reputation and experience will attract investors because the company is advanced, and it is worth investing in a reputable business with a long history of business experience and stability, and a promising future.
The benefits received from the company are a crucial consideration for investors, and many registered companies have a dedicated department, often referred to as Investor Relations (IR).This department serves as a two-way communication channel, connecting external parties with the company.The stakeholders include shareholders, analysts, investors, business partners [57], regulatory agencies [86], and the media.Functions of the Investor Relations department include providing information or disclosing company-related information to the public and taking care of investors.Recognizing that different groups of investors have distinct needs, the department analyzes investor data to understand their investment behavior and interests in the company.This information is invaluable for shaping the company's strategy, guiding information disclosure practices, and addressing significant issues that may arise.Effectively communicating with investors is a crucial aspect that assists them in making informed investment decisions.
The last factor, investment risk, is an essential factor to consider when investing in the capital market [87].Short-term, medium-term, and long-term investors may accept high, medium, and little investment risk.However, investors can also accept risks from their investments in terms of profit or loss.
The findings of this research have several practical implications for franchisors including the following: (1) Developing targeted training and support programs: By understanding the specific behaviors and challenges faced by franchisees, franchisors can develop targeted training and support programs to help them improve their performance.(2) Improving communication and collaboration: Open and effective communication between franchisors and franchisees is essential for success.The findings of this research can help franchisors identify areas (such as franchise products, franchise benefits, and franchise support) where communication and collaboration can be improved.(3) Creating a positive and supportive franchisee culture: A positive and supportive franchisee culture is essential for attracting and retaining top talent.The findings of this research can help franchisors create a culture that fosters collaboration, innovation, and success.In summary, the comprehensive findings of this study reveal that seven key factors significantly influence the decision-making process before investing in cosmetics and dietary supplement franchises.These factors encompass franchise fee, franchise benefit, investment risk, franchise product, franchise reputation, franchise experience, and franchise support, and following the investment decision, continuous investment, word of mouth, and franchise loyalty.These post-investment behaviors manifest consistently across all levels of investment groups.
If we separate the three investment levels (high investment, medium investment, and low investment), then all five factors, namely franchise fee, franchise benefit, investment risk, franchise product, franchise reputation, franchise experience, and franchise support, have a significant influence on the decision-making process for investing in cosmetics and dietary supplement franchise businesses at all investment levels.The other two factors are the risk of investing in a franchise business and the experience of the franchise owner.There will be different influences and non-influences among the three investment level groups.In the case of the high investment level group, these two factors will not influence the decision.However, for the moderate investment level group, investment risk factors will not significantly influence the decision-making process.For groups with low investment levels, the franchise owner experience factor will not significantly affect the process before deciding to invest in a cosmetics and dietary supplement franchise business.
The summary of this research provides an understanding of the behavior before deciding to buy a cosmetics and dietary supplement franchise with the essential factors of RCT that influence decision-making behavior and behavior after investing in a cosmetics and dietary supplement franchise.This will enable franchise owners to understand their decision-making process behavior before and after financing, along with using it to improve services to increase and maintain a sustainable franchise investor customer base in the future.

Limitations and Future Research
Studying this research's limitations can provide guidance and insights for future research.This research only covers the cosmetics and dietary supplement franchise business and is a study only for those who have experience of investing in the cosmetics and dietary supplement franchise business, and focuses on the influencing factors before and after the investment decision process, specifically for cosmetics and dietary supplement franchises.This does not make assumptions about other franchise business factors such as location, research and development, and supplier selection.Therefore, these are limitations of this research, which may cause the results to differ.Future studies may study factors in investing in other business franchises for completeness and further application.
Recognizing the limitations outlined above, it is essential to note that specific crucial issues were not encompassed in this study, potentially impacting the applicability and generalization of the model and its results.Therefore, it is recommended that future research endeavors address these unexplored aspects to mitigate potential biases in the analysis and application of the findings.By addressing these limitations, subsequent studies can contribute to a more comprehensive and nuanced understanding of the dynamics surrounding investor behavior in the cosmetics and dietary supplement franchise sector.
This research provides an effective foundation for understanding franchisee behaviors in the dietary supplement and cosmetics industry.However, there are several areas where future research could further enhance our knowledge: (1) Longitudinal studies: Conducting longitudinal studies over time would provide valuable insights into how franchisee behaviors change over time and how these changes impact franchise performance.
(2) Cross-cultural studies: Exploring franchisee behaviors across different cultures would provide insights into the influence of cultural factors on franchisee success.(3) The impact of technology: The rapid advancement of technology is having a significant impact on the

Figure 1 .
Figure 1.The proposed research model.

Figure 1 .
Figure 1.The proposed research model.

Figure 2 .
Figure 2. Summary of hypothesis testing results.

Figure 2 .
Figure 2. Summary of hypothesis testing results.

Table 2 .
Input and output factors in franchising context.

Table 3 .
Comparison decision-making process with related literature in the franchising context.

Table 4 .
Comparison between a proposed research model and related literature.

Table 5 .
The demographic data of main testing respondents (N = 490).

Table 6 .
Results of reliability and convergent validity of measurement model.

Table 7 .
Construct reliability and validity.
* CN is construct name.

Table 9 .
Results of hypotheses testing.
* If the significance (p-value) of Path Coefficient is less than 0.05, then it will be supported or correlated (Yes).

Table 10 .
Results of hypotheses testing are divided by investment level groups of franchise investors into high, medium, and low investment.

Table 11 .
Results of model fit values for 3 franchise package levels.

Table 12 .
The table shows a comparison of the differences in investment consideration factors of investors in the cosmetics and dietary supplement franchise business divided into three investment levels with domestic, independent investors in the capital market.