The licensee may not be identified by the company's trademark. A franchisee receives training, marketing and other support on a continual basis. The licensee may receive very little, if any, in the way of support from the company except for sources of products. A franchisee typically offers products and services on an exclusive or semi-exclusive basis and has minimal standards of performance set by the franchisor. The licensee can usually handle a variety of different lines of products and services some of which may compete with each other.
Franchisees typically pay a continuing royalty based on the gross sales of their business.
Business opportunities have several advantages over franchising, the principal one being that business opportunities offer far more independence and flexibility than you would find in a typical franchise relationship. They also usually cost less to start up than a franchise in the same industry, and they don't usually require the licensee to pay a continuing royalty fee, as you would find in a franchise. There are some significant drawbacks to business opportunities, however. The biggest is that you seldom receive any significant help in setting up the business, management systems, training and marketing, and you don't get much in the way of ongoing support either. In good franchises, it's the system provided by franchisors to its franchisees that's sited by franchisees for their success.