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Well, a franchise is a business which has either duplicated itself or been duplicated by somebody else and is then bought, that’s a turnkey operation. In other words, SuperCuts. SuperCuts, the guys that cut your hair (which I no longer need much any more!). But, SuperCuts is a franchise. In other words, someone figured out how to do a really great job cutting hair with one or two stores and it worked very well. He thought “I bet people would like to get their hair cut like this all over the country”. So he got this together and offered a franchise. The franchise has to be bought. He gives them free instruction in how to do this. They have certain things they have to agree to. He guarantees them a certain amount of advertising. But it’s a turnkey operation. They get all the instruction in how to do it from him. Here’s how to hire barbers. Here’s how to train them. Here’s how to operate. Here’s the paperwork. Here’s the software. All you do is pay me the money to franchise and I get a certain cut from every cut that you make and that’s a franchise. The kind I’m going to buy. The other kind is yes, you’re very successful as an entrepreneur in whatever you do. And you say, just like this fellow I was talking about the consulting. Now he’s all over the world. I’ve been very successful. I know how to do this. I bet there are other people that would like to get involved in this worldwide. And you get them and they pay, then they agree to pay a certain amount of their income to you in exchange for your advertising, training and whatever else you’re providing.

VideoJug: What is a “franchise”?

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