A franchise is the right or license granted by a company to an individual or group to market its products or services in a specific territory. Common American franchises are franchises like McDonalds, Buger King, and KFC. Once a franchise is created, branches of the franchise can be started anywhere in the world. An advantage to franchising is that goods and services can be offered throughout a country, continent, or around the world. We now have access to corporations based in many different places. Franchises give us to opportunity to experience different cultures, and what businesses are like around the world. Another advantage to franchising is local management. The parent company may be international, and may give certain rules that must be followed, but each particular franchise is locally owned and operated, so that customers are dealing with locals who have similar beliefs, values and experiences.
Franchises