Question: What is a franchise?Answer:
A franchise is essentially a branch of an existing business, which is purchased and run by another. Under any franchise relationship, the organisation whose brand you will be operating under is known as the franchisor, and the individual or organisation purchasing the rights of that particular franchise is the franchisee.
Buying a franchise is a great option if you are wanting to operate and manage a business but don’t want to start from scratch. Purchasing a franchise means that you are buying the franchise’s brand regognition and customer loyalty, which significantly increases your prospects of success.