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GRE 15 (Graduate Record Examination), SAT 2 (Scholastic Assessment Test), Business and Commerce
franchise
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Dictionary definition of franchise
A business arrangement where a company, known as the franchisor, grants an individual or another company, called the franchisee, the right to operate a branch or unit of their established business model.
"She bought a franchise to start her own fast-food restaurant."
Detailed meaning of franchise
The franchisor provides the franchisee with a proven business concept, including trademarks, branding, operational systems, and ongoing support, in exchange for fees or a percentage of the franchisee's revenue. Franchises can be found in various industries, such as fast food, retail, hospitality, and service sectors. This arrangement allows the franchisee to leverage the reputation, customer base, and expertise of the franchisor while operating their own business under the established brand. Franchises offer entrepreneurs the opportunity to start a business with a higher chance of success compared to an independent venture, thanks to the support and established systems provided by the franchisor.
Example sentences containing franchise
1. The Harry Potter franchise has made billions at the box office.
2. The NFL is a highly profitable sports franchise.
3. He was granted a franchise for a new coffee shop downtown.
4. Their business quickly grew into a nationwide franchise.
5. They sold the franchise after it stopped being profitable.
6. The video game franchise has millions of devoted fans.
History and etymology of franchise
The term 'franchise' traces its roots to medieval French and derives from the Old French word 'franchir,' meaning 'to free' or 'to exempt.' This concept of exemption or privilege evolved over time, and in the 18th century, it began to be associated with the granting of special rights or privileges by a government or authority. In the context of business, the word 'franchise' took on its modern meaning during the 20th century, when it came to represent a business arrangement in which a franchisor, holding the established business model, grants a franchisee the freedom and rights to operate a branch or unit under its established brand and system. This etymology reflects the idea that the franchisee is granted a form of economic freedom or privilege within the framework of the franchisor's business model.
Further usage examples of franchise
1. She hopes her novel will become a franchise with movies and merchandise.
2. The restaurant franchise expanded to include international locations.
3. As a franchise owner, he has to follow the company's branding guidelines.
4. The franchise agreement was signed by both parties yesterday.
5. They offered her a franchise opportunity, but she declined.
6. The film franchise spawned a series of action figures and toys.
7. The new franchise location is under construction and will open next month.
8. The franchise rights were sold for a record-breaking amount.
9. Many entrepreneurs dream of owning a successful franchise.
10. The franchise's reputation suffered after a scandal.
11. A franchise can provide a turnkey solution for starting a business.
12. The sci-fi book series was adapted into a hit film franchise.
13. Before buying a franchise, it's important to research the market and competition.
14. Owning a franchise can be a lucrative business opportunity.
15. The fast-food franchise expanded its menu to attract more customers.
16. The franchisee signed a contract to operate the new location.
17. Franchise owners must adhere to the brand's standards.
18. The popular coffee franchise opened its 100th store today.
19. He invested in a franchise to be his own boss.
20. Franchise fees vary depending on the brand's popularity.
21. The franchise model allows for local entrepreneurship.
22. The movie theater franchise offers a variety of films.
23. She researched franchise opportunities before investing.
24. Many people dream of owning a successful franchise business.
