The document discusses franchising, including its meaning, types, benefits, costs, and evaluation process. It provides definitions for key terms like franchisor and franchisee. The main points are: 1) Franchising involves a franchisor granting a franchisee the right to use its trade names, trademarks, and business methods to sell products or services. 2) There are different types of franchises like sales, store, and service franchises. Franchisees receive benefits like brand recognition but must follow the franchisor's procedures. 3) Evaluating franchises requires analyzing the franchisor, franchise opportunity, market, and one's own skills and capital to determine the best fit. Th