If you keep on becoming an entrepreneur but do not want the risk involved in owning a startup, then the franchise is a great option that you should consider. As per FRANdata, as many as 900 new franchise ideas and about 20 categories of industries were started in the last few years. Of these, the food and the education consultants saw a considerable spike, and there was a decrease in the travel industry. That essentially means anyone wanting to be an entrepreneur by buying a franchise has a lot of choices as they have a proven success record.
Though the risk involved in running a franchise is significantly less compared to a startup, still there are a few risks involved and not all sectors are suitable for everyone. There are many free online courses available that answers the questions of prospective franchises so that investors can research and find out the feasibility.
There are many free online courses which are approved by the Certified Franchise Executive credit. Listed below are a few of them.
Financial management: Practical financial management is not only about growth, but it is also about the capital needed and how much is in reserve. The fact that rapid growth is not always a great thing as increased sales may have dented the money. In this course, there is a detailed discussion and training on finding the capital a country needs and also planning on how to achieve the growth is explained.
Course on franchising: This is a must read for all beginners who are starting out and are looking at investing in franchises. The course material contains the business process of franchising, how it works, the rules and laws that are in place, the various business types, companies that offer franchises, pros and cons of franchising and much more. After going through this course, an individual should be able to assess the circulars of Uniform franchise offering.
Sales conformity: It is intended for consultants, managers, attorneys, etc. who are part of the sales team.
Employee recruitment: This caliper course is intended to train the franchise community on tools that will help them in employing the right people. These employees can be for any position be it at the executive level or the corporate level. This course intends to train people on finding and hiring the people and also developing talent so that they help the business grow and achieve success.
Circular of franchise offering: This circular is very critical for a potential franchise to go through as this offers insight into the requirements for disclosure which is needed for the pre-sale. This document is massive and can run up to 200 pages or more and contains details of the business model agreement conditions, statement of finance, etc. Though you should go through this document and understand it, the recommendation is that you get it verified by a lawyer.
Booklet of Federal Trade Commission: This booklet is considered as a guide to franchisees who are potential investors. The material also gives pointers on the queries to ask and get it answered, what to consider when looking at franchise options, etc. It also has a checklist which contains detailed information on the amount of money needed, goals, business operation model, etc.
There are many online resources available apart from government websites that can give you more information about the franchise you are considering investing. The result of the search on these databases will get you a list of links to companies that offer franchise opportunity and also details about the contact information, amount of money needed for investment. Apart from reading, you should also visit exhibitions, trade shows and such so that you can speak to franchisors directly and get your answers.