What is a Franchise

A franchise is basically an agreement between two legally independent parties which allows the person or group (the franchisee) to sell a product or service that is trademarked to someone else (the franchisor). This is often seen it situations like fitness instructors and dance / acting clubs where they is already an established brand set up that then allows individuals to pay a fee to use their company names and products to run their own business. This can be a great way to work under the name of a large company which is already well known without the huge costs that come with that kind of recognition. Very often there is a fee to pay to set up the franchise and then normally you will pay either a set amount of money of a percentage of your takings to the franchisor. The franchisor will also normally provide training within this fee so you would not have to worry about that side of things