The practise of franchising is where you pay to use someone else’s already successful business model. They are most often seen in retail or fast food chains. The person will pay a set amount to buy the franchise then they run it as their own business. However you do not have complete control and do have to adhere to certain rules and regulations and follow the business model that has already been set in place. Therefore it is important to consider all the pros and cons of buying into a franchise before you make the commitment.