Define franchising and describe its two basic forms. Franchising is a continuing relationship in which a franchisor grants to a franchisee the business rights to operate or to sell a product. Modern franchising takes two basic forms.

In product and trade name franchising, a dealer agrees to buy or sell certain products or product lines from a particular manufacturer or wholesaler. Business format franchising is an ongoing business relationship in which a franchisee uses a franchisor's name, format, or method of business in return for several types of fees.

1. What advantages does franchising provide to franchisors as well as franchisees?

2. Curves is the world's largest fitness franchise and was recently the fastestgrowing franchise of any kind. What do you need to do to become a Curves franchisee? Visit the Web page www.curves.com to find out. Does anything surprise you.