A franchise is a business model where an individual or group (the franchisee) is granted the rights to operate a business using the brand and operational methods of an established company (the franchisor). This arrangement allows the franchisee to sell products or services under the franchisor's name, benefiting from their reputation and support. Franchises are common in various industries, including fast food, retail, and hospitality. Popular examples include McDonald's, Subway, and 7-Eleven. Franchisees typically pay an initial fee and ongoing royalties to the franchisor in exchange for training, marketing, and operational assistance.