A franchise is a business model where an individual or group (the franchisee) is granted the rights to operate a business using the branding, products, and operational systems of an established company (the franchisor). This arrangement allows franchisees to benefit from the franchisor's reputation and support while running their own business. Franchises are common in various industries, including fast food, retail, and hospitality. Popular examples include McDonald's, Subway, and 7-Eleven. Franchise agreements typically outline the terms of operation, fees, and the duration of the partnership, ensuring both parties understand their rights and responsibilities.