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So many people…when asked what their definition of a franchise business is…

Don’t really know.

It’s important for anyone who’s interested in business to have a complete understanding of the franchise business model.

Even if they’re not interested in becoming the owner of one.

A lot can be learned from a franchise business; some things could even be used in an independent business or business opportunity to make it run more efficiently.

And, maybe even more profitably.

 

The Franchise Business Definition

A franchise business is a type of business that is owned and operated by individuals (called franchisees) that is branded and overseen by a much larger—usually national or multinational—company (the franchisor).

There are several huge and very well-known brands that are franchises. For example:

These 10 franchises.

But, franchising is a lot more than great branding. There’s a lot of other great things that all franchise businesses can take advantage of.

Check out this comprehensive article that describes in detail-what a franchise is.

You need to know the franchise business definition.