A business that can be purchased for a fee and continued payment of royalties to the parent company. Examples of franchises are McDonalds and DunkinÂ’ Donuts Inc. The franchise comes with a brand name, established policies, and procedures for operations, and may have regional or national name recognition. A franchise allows an entrepreneur the opportunity to run his or her own business without the time and expense of having to start a business from the ground up. The franchiser also will likely serve as a consultant and offer advice, promotional assistance, and financing for the franchisee.