Etymology
The word "franchise" is derived from the Old French word "franchise," which in turn comes from the Latin word "franchisia," meaning "freedom."
Meaning
A franchise is a type of business arrangement in which a company (the franchisor) grants another company or individual (the franchisee) the right to use its business model, trademarks, and other intellectual property to operate a business under the franchisor's name.
Origin
The concept of franchising has been around for centuries. In the Middle Ages, feudal lords would grant certain privileges or rights to landholders, such as the right to hold markets or collect tolls. These privileges were known as "franchises."
In the 19th century, the franchising model began to be applied to commercial businesses. One of the earliest examples of franchising was the Singer Sewing Machine Company, which began selling its sewing machines through independent dealers in the 1850s.
Over time, franchising became a popular way for businesses to expand quickly and reduce their operating costs. Today, there are thousands of franchise businesses operating in all industries, from food and beverage to retail and services.
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