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:
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.