What is Franchise?
A franchise is a type of business partnership where an established brand (the franchisor) grants a license to another individual or company (the franchisee) to operate a business using their brand name, business model, and processes. The franchisee pays an initial fee and ongoing royalties to the franchisor. In return, they get a turnkey business with a proven track record and ongoing support. This is a very common model in the restaurant and retail industries. It allows a brand to expand rapidly while the franchisee gets to run their own business with a lower risk of failure.