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There were no courses on franchising at the business school I attended, and there still aren’t 20 years later. Entrepreneurship courses, yes. Finances of course. Real estate, yes. But nothing about franchising. There were a few franchising case studies scattered throughout the marketing courses, but that’s it.
It’s a big mistake. Franchising accounts for three percent of U.S. GDP and has global reach. It is a dynamic sector in which one can build a great career or entrepreneurial venture. So what are some ways to learn about franchising best practices and make smart investment decisions?
Related: Are you considering owning a franchise? Start now to find your personalized franchise list that fits your lifestyle, interests and budget.
Franchise industry organizations
First, start with the International Franchise Association (IFA) Certified Franchise Executive (CFE) program and IFA-sponsored events. Classes take place in person and online. The IFA also offers many opportunities to meet and get to know people with franchise experience. Networking at IFA events is one of the best ways to learn how others are achieving franchising success.
There are several franchise trade shows in the United States and around the world where franchisors and suppliers come together to meet potential franchisee candidates. Most trade shows offer free courses and lectures on various aspects of franchising, including selecting and financing your franchise business. Being on site and speaking to franchisors is a good way to get an idea of the breadth of options, investment opportunities and operating models.
In addition to Entrepreneur, there are countless online resources to help you on your franchise journey. For example, how do you know if franchisees are happy with their investment, their management team, and the future? Franchise Business Review provides results of a franchisee survey.
It is important to review Franchise Disclosure Documents (FDDs) carefully, even going back several years, so you can identify changes over time. A great site for this is Vettet Biz, which also includes analyzes and comparisons of various franchise concepts. You can also obtain free franchise disclosure documents from several government websites.
Even if you’re not in the restaurant industry, Restaurant Business Online has excellent reporting and covers information generally applicable to the franchise industry, including regulations and consumer trends. This company primarily serves corporate users, private equity firms and lenders, but is an excellent source of information about general trends and statistics in the franchise industry.
Related: Find out which brands have been on the Franchise 500 list the longest and earned a spot in our new Hall of Fame.
Franchise Startup Guide
On my website, I provide a free list of suggested questions to ask franchisees to help you get started. The Federal Trade Commission has published a guide on purchasing a franchise, and several states, including California and Maryland, have also published guides on purchasing a franchise. They are useful resources no matter where you live.
Check your state’s website for franchising information, business start-up guides, business licensing requirements, financing resources, state-specific regulations and other helpful information. For example, Texas and Ohio offer guides for starting small businesses.
The Small Business Administration (SBA) has many helpful guides and resources, including templates, to help you create your business plan. Also remember to check with your state chamber of commerce as well as your local Small Business Development Centers (operated by the SBA) for financing options and startup advice and support.
Related: Don’t Make These 5 Risky Franchise Ownership Mistakes
University level options
Many colleges and universities do not offer degrees or courses in franchising. However, more and more options are available and more and more potential franchisees are taking franchising courses before investing in a franchise business. Here are some of the most important ones:
Yummy! Brands have the Yum! Center for Global Franchise Excellence at the University of Louisville (U of L), as part of its $100 million Unlocking Opportunity Diversity initiative around the world, launched in 2021. U of L is the only university with franchise certifications for graduate, undergraduate and professional education levels.
The Tariq Farid Franchise Institute at Babson College offers university courses, research and leadership training on franchising. The franchising program is affiliated with Babson’s entrepreneurship program, which is consistently ranked as one of the top MBA and undergraduate entrepreneurship programs.
Finally, Palm Beach Atlantic University’s franchise courses are business school based. According to Dr. According to John Hayes of the school’s Titus Center for Franchising, “It is a concentration in franchising (not a major or minor) and the concentration appears on students’ college transcripts. It offers the opportunity to customize what you want to study. “We are also working on online education options.”