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Buying a franchise gives an entrepreneur the right to use the franchise's name, trademark, and product. Franchises also offer tried-and-true business and marketing formulas, as well as a support system for new franchisees. "When you join a franchise system, you join a system that has already perfected the business model," says Don DeBolt, president of the International Franchising Association (IFA). "By the time you get to the system, and you acquire the rights to operate that franchise, you not only have a very sophisticated training system and ongoing support for your franchise business, you also have a wealth of information and support from your peers, who are already operating franchises in that system."

There are franchise opportunities in nearly 75 industries, according to IFA, which is based in Washington, D.C. Generating $1 trillion in retail sales in 1999, franchises employ more than 8 million Americans. Although most franchises are brick-and-mortar, storefront, or mobile operations, many enable entrepreneurs to work from home.

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