The business
form of franchising has been said to be one of the greatest ever advancement in
the world. Its reputation has to do with its verified track record of success,
as well as the relative ease in which entrepreneurs can become franchise
business partners or owners.
What is a
franchise business? A franchise normally involves giving away or granting by
one person (Franchisor) to another person (Franchisee) the right to carry on a
certain trade mark or name, according to an identified system, regularly within
a location or a territory, for agreed terms. The franchisee is offered a
franchise license to use the franchise business’s trademarks, signage,
software, systems, as well as other proprietary systems and tools accordance
with the rules in the franchise deed.