Franchising is growing in popularity. In 2007 (the most recent year statistics are available), nearly 766,000 franchise outlets were operating in the U.S.
History
The word “franchise” comes from an old dialect of French and means privilege or freedom.Many of the most popular franchises, including KFC (1952), McDonald’s (1955), and H&R Block (1958) started as early as the 1950s.
Franchising Means
Franchising is a form of business organization in which a firm that already has a successful product or service (franchisor) licenses its trademark and method of doing business to another business or individual (franchisee) in exchange for a franchise fee and an ongoing royalty payment. Some franchisors are established firms (like McDonald’s) while others are first-time enterprises being launched by entrepreneurs.A system in which semi-independent business owners (franchisees) pay fees and royalties to a parent company (franchiser) in return for the right to become identified with its trademark, to sell its products or services, and often to use its business format and system.
Franchising Relationship
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