Entrepreneur has a great piece on the history and influence of franchising. From McDonald’s Hamburger stands in the 50s to miniblinds, coffeestands and fitness centers today, franchises have brought opportunity to small entrepreneurs while helping small businesses expand to become major corporations. The franchisee brings risk sharing and local control to the picture, while the franchisor brings an established, successful business system and may also bring things like help with financing or real estate site selection.
The Entrepreneur article is a great place to start in understanding how franchising works.
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