Franchising involves a franchisor offering a franchisee the authorization to distribute, produce, and sell the franchisor's goods or services for a specified period. The franchisor provides brand positioning, knowledge, and technical assistance to the franchisee. There are advantages and disadvantages for both the franchisor and franchisee in the franchising relationship, which is governed by a contract outlining obligations for both parties such as use of trademarks, payment of royalties, and adherence to quality standards. Franchising allows for rapid business expansion using other parties' capital while providing small business owners recognition and support systems.