In today's Franchise Euphoria Tip of the Day, we get down to the basics. What is a franchise? Most people when they think of a franchise think of McDonalds or Subway, but they don't really understand the basic components of a franchise. There are 3 elements that make up a franchise: Brand, Marketing plan, Franchise fee. In this episode, I explain this and share my favorite illustration I have ever read describing a franchise. Hint: Michael Gerber gets some attention in this episode! Hope you enjoy & Happy Franchising!