A franchise is a unit sold to an individual or a group, wherein the buyer/franchisee purchases authority to market and sell product or services of the selling-company/franchisor within a predefined territory.
It is essential for a buyer to know what he is exactly purchasing and under what terms and conditions. As a buyer you need to know, how a franchise is operated? What are the cost and frequency of periodical fees? More importantly, what will your roles and responsibilities be as a franchisee?