According to Franchise.org “a franchise is a business model where one party, the franchisor, grants another party, the franchisee, the rights to operate under its established brand and business system. The franchisor provides the brand name, logo, and operational structure, while the franchisee typically pays an initial fee and ongoing royalties to run the business using these resources.” In other words you pay a fee and a portion of your profits to use the company’s name and run a business. A few examples of a franchise is Chick-fil-a, Mc. Donald’s, and Taco Bell.
There are some good things and some bad things between doing a franchise or “doing your own thing”. Some good things about a franchise is that it is easier, you don’t have to come up with a name, logo, or a menu. Some bad things about a franchise is that you have to pay a fee to start a business and an annual fee to use their name, logo, and menu.
“Doing your own thing” can be hard, but there are some things that are better than a franchise. For example you don’t have to pay an annual fee to run a business, and you can come up with your own name, logo, and menu. Some bad things about “doing your own thing” is that with most business’ it is hard to come up with a name, logo and menu. There are some bad things about a franchise, but it is easier then starting your business and “doing your own thing” especially if it is your first time starting a business.