How To Choose The Right Franchise Online Course
Buying your first franchise is arguably the biggest and most important decision that you will make in your lifetime, and is one that will have a huge impact on your finances, work-life balance and future. Our research has highlighted that preparation is critical for potential franchisors when making a decision. It therefore makes sense for this decision to be afforded the same level of scrutiny, comparison and analysis as more routine and less-influential purchases.
How To Choose A Franchise That Is Right For You is a unique tool, not available anywhere else in the franchise sector, that provides you the framework for successfully navigating the process of buying a franchise. It is 100% impartial and independent with no vested interests or selling of specific franchise systems.
The course will empower you to take full responsibility for what is a life-altering decision. To probe, question, compare and analyse, and to not just accept what someone selling a franchise tells you. It is the only product of its kind that will step you through the process of actually deciding which franchise is best for you.
This is the essential guide to choosing, buying and becoming a franchisee, in a franchise that is closely aligned to your personal, professional, financial, lifestyle and future goals. This class is filled with valuable tools, checklists, calculators, timelines and templates to ensure you are making the most informed and rigorously road-tested decision possible.
How To Choose The Right Franchise Online Course Modules Overview
The six easy-to follow modules provide the framework and signposts to guide you in this most critical of business decisions:
Module 1 – Getting ready
- Know your why
- Understanding yourself as a potential franchisee
- Understanding fundamental franchise terms
- Retail vs Service Franchises
- Different kinds of franchise sites
- How you can fund your franchise
- Getting ready to make an enquiry
Module 2 – Analysing a franchise business
- How to assess if a franchise is a “proven business model”
- Assessing the people management tools
- Understanding inventory
- Assessing the franchises marketing and branding strengths
- Assessing the operational support of the franchise
Module 3 – Understanding the application process and asking the questions
- The five steps to becoming a franchisee
- The steps in making a serious franchise enquiry
- Understanding what’s in the information pack
- Rating and shortlisting your franchise
- Choosing your number 1
Module 4 – Going through the paperwork
- The 6 steps in joining a franchise
- How to make a formal application and what you need to be aware of
- Understanding the disclosure document and knowing where to look first
- Interviewing a number of current and previous franchisees
- Using the franchise agreement checklist, go through the franchise agreement
Module 5 – Analyse the business offer
- Assessing the true costs of purchasing your franchise and being able to break these down
- Working out your break-even
- Determining your budget for the franchise
- Working out your business plan
Module 6 – Become a franchisee
- How to choose your lawyer, accountant and other key professionals using the “professionals checklist”
- Negotiate to get the best deal for you
- Signing the franchise agreement
For 12 months access.
Key learning outcomes:
- Understanding why you want to buy a franchise and how to assess how much money you need to buy one
- Understanding the different franchise types and their pros and cons
- How to assess the franchise business model and if it’s suited to you
- The key things you need to understand before putting any dollars on the table
- The processes you need to go through to enable you to understand what you are actually purchasing
- How to go about making a decision on which franchise to buy
Elizabeth Gillam is the founder and CEO of Franchisee Success creates High Performance Franchisees. She owned and operated three franchised food businesses: Boost, Healthy Habits and Bucking Bull. She knows what it takes to operate a profitable franchise.
Who should attend this course?
Anyone who is considering buying a franchise and who wants to ensure they are making the best possible decision. You should do the free Pre-entry Franchise Education course before doing this course.
When should you do the course?
You should do this course in the 6 months lead up to when you want to purchase a franchise or if you want to understand more about the process of assessing and buying a franchise.
Why should you do it?
Buying a franchise is not cheap. You’ve worked hard for your money and you want to ensure you make a well-educated investment. This course will help you to thoroughly assess your options, suitability and way forward.