What is the difference between franchise licensing and franchising?
An example of an AI chatbot conversation about franchise licensing vs franchising.
What is the difference between franchise licensing and franchising?
Franchise licensing allows a business to use a brand's name and system, while franchising involves a more comprehensive business model with ongoing support.
Can you give me examples of each?
Sure! An example of franchise licensing is a software company allowing others to use its technology. Franchising is like McDonald's, where franchisees operate under strict guidelines.
Which option is better for a new entrepreneur?
It depends on your goals. Franchising offers more support and a proven model, while licensing can be less costly and more flexible.
What are the costs associated with each?
Franchising typically involves initial franchise fees, ongoing royalties, and setup costs. Licensing usually has lower fees but may require royalties as well.
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