GENERAL KNOWLEDGE

Detailed explanation-1: -A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor’s goods or services under an existing business model and trademark.

Detailed explanation-2: -Franchisor: The parent company that allows individuals to start and run a business using its trademarks, products and processes, usually for a fee.

Detailed explanation-3: -Franchisor – Franchisee Relationship The franchisor is the parent business that allows franchisees to operate using the same products or services, trademarks, techniques, etc., in return for an agreed-upon fee.

Detailed explanation-4: -May 21, 2021. While a franchisor is an established entrepreneur with a licensed business model, a franchisee is a person or corporation that owns and operates the business using the business model licensed by the franchisor. Franchising describes the business relationship between the franchisor and franchisee.

Detailed explanation-5: -A franchisee is a small business that operates under the trademark of a parent company, also known as the franchisor. Throughout inception, the franchisee receives guidance, consultation, and support from the franchisor regarding internal operations, such as hiring, marketing, corporate strategy, and more.