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Question #1
What is franchising?
Franchising is a system whereby
a successful business can expand the distribution and sale
of its goods and services by partnering with individual
business owners who seek to operate under a recognized brand
name.
A franchise occurs when a business (the franchisor)
licenses its trade name (the brand) and operating methods
(its system of doing business) to a person or group
(the franchisee) who agrees to operate according
to the terms of a contract (the franchise agreement).
The franchisor provides the franchisee with support and
exercises some control over the way the franchisee operates
under the brand. In exchange, the franchisee pays the franchisor
an initial fee (called a franchise fee), and
a continuing fee (known as a royalty), for the
use of the trade name and operating methods.
Central to the concept of franchising is the notion
of consistency of products, services and
the “customer experience,” regardless of the
geographical location.
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