A franchise is the privilege giving to sell specific products or provide specific services, at certain location for a giving period of time. Franchising is normally an agreement between a franchisee and a franchisor. That agreement depicts with the franchisor granting the franchisee a licensed to do business. A Franchisee is the individual to whom the right to run a business is granted by the licensor. Franchisors have the rights to grant franchises to franchisees. There is a Franchise Agreement, which is the legal affidavit that explains the relationship between the Franchisee and the Franchisor. The franchisor gives the franchisee the right to use a developed concept that has a trademarks and company’s logo. Advertisement and store organization is usually done by the franchisor headquarter. The franchisee then provides the time, capital, and desire to utilize the brand and services provided by the franchisor to build a successful business. The product or service being marketed usually contains the franchisor brand name.
At 17 years old, Fred DeLuca opened his own business Pete’s Super Submariners in Bridgeport, Connecticut. It was with only a $1000 loan from his local bank. He opened the sandwich place with the hope of making enough profit to afford college. After his ups and downs through the first years in business, he changed the name of the business to Subway and turned it into a franchise in 1974. Since 1974 Subway restaurants has been serving fresh healthy sandwich and salads throughout the United States and in 98 countries.
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