With a Franchise, you buy the right to operate a full business system - including the brand, products, operations, and support.
The franchisor gives you step-by-step systems, training, marketing help, and strict brand standards, and in return you pay franchise fees and ongoing royalties.
You're required to follow their rules. Think of it like "business-in-a-box."
With a License, you get the right to use a product, brand, or piece of intellectual property (IP) - like a software, logo, or formula. From there, you set up and run your business from scratch and however you like.
You don't pay royalties (although there is a licensing fee), or have to deal with oversight from the brand, so you have more freedom, however you will also have less brand recognition and little to no support should you run into any business pitfalls.