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Running a franchise business -- which requires the purchase of a franchise license for the rights to use the franchise's logo, name and business model -- is one of many ways to be an entrepreneur. Part of the appeal regarding a franchise business is that it's an established business model and brand -- which can be less risky than building a business from scratch.
There are three different kinds of franchise business options. They include:
Distributorships, such as with Toyota, which licenses the right for a third party to sell the parent company product.
Trademark licensing, which allows companies to buy the right to use the parent company’s trademark along with their own brand, such as what Coca-Cola licenses to other companies.
Business format franchises, such as Subway, which offer its franchisees the right to sell its goods and/or services using its business model.
Popular franchise businesses: Some examples of popular and well-known franchise business models are in the food industry -- many which have gone international -- such as McDonald’s, Subway and Dominos. Starbucks, which is commonly thought to be a franchise, is not.