A franchise (or franchising) is a technique of selling goods or services that involves a franchisor who creates the brand's trade name and business model and a franchisee who pays a royalty and frequently an upfront fee to have the right to use the franchisor's name and system. The term "franchise" technically refers to the agreement that binds the two parties, but it is more frequently used to describe the business that the franchisee runs. In a business format franchise, the franchisor not only offers its trade name, goods, and services to the franchisee, but also a full system for running the business. The franchisor often provides the franchisee with assistance with site selection and development, operational manuals, training, brand standards, quality control, a marketing plan, and business consulting support. Famous examples of Franchising • McDonald’s • Dominos • KFC • Pizza Hut • Subway • Dunkin’ Donuts • Taco Bell • Baskin Robbins • Burger King Benefits for Franchisors • First off, franchising is an excellent way to grow a firm without adding to the costs of growth. This is so because the franchise covers all selling costs. • Additionally, this aids in establishing a brand name, boosting goodwill, and attracting more clients.