A franchise is a business model that allows individuals or groups to operate a business under the brand and operational guidelines of an established company. This arrangement typically involves the franchisee paying an initial fee and ongoing royalties to the franchisor, who provides support in areas such as marketing, training, and product supply. Franchising is popular in various industries, including fast food, retail, and hospitality. It enables entrepreneurs to leverage the reputation and resources of a well-known brand while maintaining some level of independence in their operations. Successful franchises can lead to significant financial rewards for both franchisors and franchisees.