As the risk of opening a stand-alone business is more, a lot of people are becoming inclined towards the field of franchising these days. But there are quite a few people who do not know the concept of franchising and they wonder what is a franchise. So, here is an overview of the whole concept of franchising.
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What is a franchise? This is a broad question. Franchise is an agreement between two parties i.e. a franchisor and a franchisee. This agreement guarantees the franchisee to market certain product or services of the franchisor by using his trademark. But, the franchisee needs to pay the franchisor certain fees and royalties. Now this is a nutshell view of what is a franchise.