Franchising 101 for Franchise Prospects
by Ed Teixeira
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 it’s 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 isn’t gained by reading a few franchise articles and advertorials.
It’s 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 don’t need an instructor or consultant.
If you visit the following sites and read the information on franchising you’ll
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 – and
entrepreneurs in the market – 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 CEO’s 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 world’s 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 you’ll want to see.
The advice I give people interested in franchising is to learn about
franchising before looking for a franchise opportunity. After you’ve visited the
above websites and have completed Franchising 101 you’ll be more qualified to
search for franchise opportunities. Then you’ll 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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you thinking about buying a franchise? There's a lot you need to know
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