Franchises are a popular business model where individuals or companies (franchisees) are granted the rights to operate a business under the brand and operational guidelines of an established company (franchisor). This arrangement allows franchisees to leverage the franchisor's brand recognition, marketing strategies, and support systems, which can lead to a higher chance of success compared to starting a business from scratch. The franchise model spans various industries, including fast food, retail, and services. Franchisees typically pay an initial fee and ongoing royalties to the franchisor, making it a mutually beneficial relationship. Successful franchises, such as McDonald's and Subway, have expanded globally, showcasing the effectiveness of this business strategy.