Franchising itself is not an industry, but rather is a way of creating and growing businesses that can be applied in any number of industries. Franchising is a means by which business can expand rapidly. By agreeing to certain terms and paying fees to the franchise owner, a franchisee has access to procedures, intellectual property, and the brand of a company, allowing them to essentially duplicate the original business.
While franchising is by no means an equal partnership, when done ethically, it can benefit both the franchisor and the franchisee. And unlike start-ups, the success rates for franchises are extremely high. Brand recognition and a solidified operating system boost the likelihood of franchise growth and success.
Franchising is often associated with restaurants or fast food chains, but franchising is popular in other sectors as well: hotels, events, and retail. The possibilities for franchisees are nearly limitless, especially in a booming economy.