When it comes to business there is a whole lot of lingo out there that can be confusing. One example is that of a franchise or a licensed business opportunity. Anyone looking for business opportunities must understand what a franchise is and what a licensed business opportunity is. This brief overview will help you understand the differences.
First of all, a franchise is simply a business model that has been proven to be effective. The franchisor who created this business model will then sell you the rights to use the business model as well as the services or goods that particular system sells. Once you pay your franchise fee you will become a franchisee and have a relationship with the franchisor to assist you with the system. A franchise agreement will be signed and this agreement outlines the assistance the franchisee will receive through the franchisor and the business model. A franchise owner must pay royalty fees to the franchisor. Also, a franchise owner must follow the business plan exactly as it is. If any changes are to be made they must first be approved by the head office. Of course, with a franchise you will get a lot of support and a readymade plan to...
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