Definition and Evolution
A franchise is a right granted to an individual to market a company’s goods or services within a certain area. Its method is based on conducting business between the two parties-the original business owner or the franchisor and the new entrepreneur or the franchisee. The franchisor offers the business expertise to the franchisee giving access to market knowledge, training and marketing help. The franchisee gets established name awareness and is obligated to follow certain rules and procedures established by the franchisor, and pay the initial franchise fee and an ongoing franchise royalty fee to the franchisor. Continue reading History of Franchising
