What steps are involved in managing a franchise, and how many franchise modules exist in the process?
Introduction about What Is a Franchise, and How Does It Work? What is Franchise? A franchise is a kind of license that lets a franchisee sell goods or services under the franchisor's name by giving them access to the franchisor's exclusive business expertise, procedures, and trademarks. The initial start-up price and yearly license fees are often paid by the franchisee to the franchisor in exchange for obtaining a franchise. Main Contents of this Article What is Franchise Business and its Module? Comprehending Franchise Operations Fundamentals and Regulatory Framework Advantages and Disadvantages Comparing Franchises to Startups Frequently Asked Questions Type of Franchise Module: FOCO (Franchise Owned, Company Operated): In FOCO, the franchisee owns the physical outlet but the company (franchisor) manages its operations. This model provides a sense of security for the franchisor as they have direct control over the outlet's performance, ensuring brand consistency and quali