What is a business franchise?

A franchise is a small business, which operates under the name of a larger corporation ie. many McDonalds restaurants are owned by a local company (known as the franchisee), which often will own several restaurants in an area. The franchisee operates the restaurant with the benefit of advertising and name recognition from the franchisor (for example the main McDonalds Corporation). The franchisor will receive payment from the franchisee in accordance with the franchise agreement.

Your question in general, equates to a single Franchise, whereas Franchise programs are all different. It depends on what kind of Franchise are you interested in? A Business Franchise, a Restaurant Franchise, or a Work from Home Franchise? Then you will have a totally different question, such as "How much does it cost to own a McDonald's Franchise?"