A franchise is a business model in which a company grants an individual or group the right to use its established brand, products, and services in exchange for a fee and ongoing royalties. This allows the franchisee to operate under the established name and business model, while receiving support and guidance from the franchisor. Franchises offer a proven and successful business model, allowing individuals to become entrepreneurs without the risk and uncertainty of starting a business from scratch. Franchises can be found in various industries, from fast food restaurants to retail stores, and provide a win-win situation for both the franchisor and franchisee.