The opinions expressed by Entrepreneur authors are their very own.
The business school I went to didn’t have a franchising class, and 20 years later they still don’t. Entrepreneurship classes, yes. Finance, in fact. Real estate, yes. But nothing about the franchise. There have been a few franchise case studies in marketing courses, but that is about it.
It’s a great loss. The franchise represents three percent US GDP and has global reach. It’s a vibrant sector where you possibly can build a great profession or entrepreneurial enterprise. So what are the options for learning franchise best practices and making smart investment decisions?
Franchise industry organizations
First, start with International Franchise Association, (IFA), each the Certified Franchise Executive (CFE) program and IFA-sponsored events. Classes are held stationary and online. The IFA fair also offers many opportunities to learn and meet people with franchise experience. Networking at IFA events is one of the best ways to find out how others contribute to franchise success.
Several franchise exhibitions are held in the U.S. and around the world where franchisors and suppliers come together to meet potential franchisee candidates. Most trade shows offer free classes and talks on various elements of franchising, including choosing and financing a franchise business. Touring the floor and talking to franchisors is a great way to learn about the breadth of options, investment ranges and operating models.
In addition to Entrepreneur, there are countless online resources that may enable you on your franchising journey. For example, how do you know if franchisees are glad with their investment, the company’s management team, and the future? Franchise business overview provides franchisee research results.
It is essential to read the Franchise Disclosure Documents (FDDs) rigorously, going back several years to have the opportunity to see changes over time. There is a great website for this Proven Biz, which also includes the evaluation and comparison of assorted franchise concepts. You may obtain free franchise disclosure documents from several state web sites.
Even if you do not intend to run a restaurant, Restaurant business on the Internet has excellent reporting and covers information widely used in the franchising industry, including regulations and consumer trends. The company primarily serves corporate users, private equity firms and lenders, but is an excellent source of knowledge about general trends and statistics in the franchising industry.
Guides to starting a franchise business
I share on my website free list some of the suggested questions you possibly can ask franchisees to get began. The Federal Trade Commission published a guide regarding purchase of a franchiseand several states including California AND Maryland, have also published franchise buying guides. These are useful resources irrespective of where you reside.
Check your state’s website for franchising information, business start-up guides, business licensing requirements, financial resources, state regulations, and other helpful information. For example, Texas AND Ohio provide guides on starting a small business.
The Small Business Administration (SBA) has a lot helpful guides and resources, including templates to enable you create a marketing strategy. Also ensure to check your state and local Chamber of Commerce Development of small corporations Centers (run by the SBA) offering financing options and start-up advice and assistance.
University level options
Many colleges and universities do not offer degrees or classes in franchising. However, there is a growing list of options available and more and more potential franchisees are taking franchising classes before investing in a franchise business. Here are some of the most vital:
Yummy! Brands have given Yummy! Center of Global Franchising Excellence on University of Louisville (U of L) as a part of the $100 million global diversity initiative Unlocking Opportunity launched in 2021. U of L is the only university with franchise certification at the graduate, undergraduate and skilled levels.
The Tariq Farid Franchise Institute On Babson College provides university courses, research and executive education in franchising. The franchise program is affiliated with Babson’s entrepreneurship program, consistently rated as the top entrepreneurship program for MBA and undergraduate students.
At last, Atlantic University of Palm Beachfranchise classes draw from business school. According to Dr. John Hayes of the school Titus Franchise Center“It is a franchising concentration (not at the college or junior level) and the concentration appears on students’ college transcripts. It gives you the opportunity to customize the direction you want to study. We are also working on online education options.”