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Answer :
Final answer:
A franchise is a business model where an individual (franchisee) pays to use the brand and operational methods of an established company (franchisor). The franchisor provides necessary support, such as training and supply chain management, in exchange for fees. This model reduces the risks of starting a new business by utilizing proven strategies.
Explanation:
Definition of a Franchise
A franchise is a unique business model that allows an entrepreneur, known as a franchisee, to purchase the rights to operate a business using the established brand and operational methods created by another company, known as the franchisor. In this arrangement, the franchisor provides essential support, which often includes:
- Comprehensive training programs for the franchisee and their staff.
- Supply chain management support to ensure the franchisee has access to necessary products and services.
- Operational setup assistance to help establish the business effectively.
In return for these benefits, the franchisee typically pays an initial franchise fee as well as ongoing royalty fees based on their sales revenue. This partnership allows franchisees to leverage a proven business model, which can significantly reduce the risks associated with starting a new business from scratch.
For example, when someone opens a fast-food franchise, they follow a successful operational plan and branding that is already recognized by customers, increasing their chances of success compared to starting an independent restaurant.
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