You have been running a successful art and framing shop for three years. You have decided to allow others to use your business name, materials, and methods in operating their own business for a fee. You are going to enter a

Question

Quizplus · Accepted Answer

The scenario describes the concept of franchising, where the business owner allows others to use their business name, materials, and methods for a fee. This can be an effective way to expand the business and generate additional revenue. A joint venture involves creating a separate entity with another business for a specific project or purpose, which does not fit the scenario. A small-business development center is a resource center for small business owners, which does not apply in this case. A venture capitalist agreement involves funding from investors in exchange for equity in the business, which is not mentioned in the scenario. Business contraction refers to a strategy of reducing the size or scope of a business, which is not applicable here.

You Have Been Running a Successful Art and Framing Shop