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Franchising 101 for Franchise Prospects

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For individuals considering a franchise opportunity the first step in the process is to take Franchising 101, which is tuition free.

When most people consider a franchise opportunity there is an inclination to start looking for franchises before investing the time to study and understand the franchising business. Unfortunately this is the wrong approach to take. Although itís important to establish some guidelines when searching for a franchise, including the amount of money you can afford to invest, type of franchise business, etc. you should have a basic knowledge of franchising. This knowledge isnít gained by reading a few franchise articles and advertorials. Itís the result of taking a course I call Franchising 101. Because the curriculum is available and free taking this course is easy. In fact you can do it in the comfort of your home and donít need an instructor or consultant.

If you visit the following sites and read the information on franchising youíll gain a good knowledge of franchising and be better prepared when you begin your search for franchise opportunities.

Here is my course list for Franchising 101:

 For companies selling franchises and business opportunities Ė and entrepreneurs in the market Ė the FTC's Franchise Rule and Business Opportunity Rule mandate disclosures and offer buyers certain protections.  In addition, the FTC has resources to help people spot business opportunity and investment scams and avoid franchise taboos.

The site includes lots of articles and tools related to franchising. There are interviews with leading franchise CEOís and articles by franchise attorneys. You can also purchase my latest book The Franchise Buyers Manual.

The preeminent site for franchisees and those interested in purchasing a franchise. The AAFD has a wealth of information including articles, books and advice with a focus on franchise fairness.

The worldís largest franchise trade association has a membership consisting primarily of franchisors, franchisor suppliers and attorneys. The site contains a good amount of information for prospective franchisees. Try to avoid the franchise promotional material and navigate to the resources for franchise buyers. The link will take you directly to the site youíll want to see.

The advice I give people interested in franchising is to learn about franchising before looking for a franchise opportunity. After youíve visited the above websites and have completed Franchising 101 youíll be more qualified to search for franchise opportunities. Then youíll need to perform the proper due diligence including speaking with existing franchisees and using the services of your franchise attorney and financial advisor.

© 2012 FranchiseKnowHow, LLC

Ed Teixeira is the President of FranchiseKnowHow, LLC. He can be reached at franchiseknowhow@gmail.com

 
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