KNOWLEDGE IS THE KEY TO FRANCHISING SUCCESS
The first steps are the most important in ensuring a successful and sustainable journey in the world of franchising.
This does not just start with buying a franchise. Pre-entry education is crucial in plotting the right path for your future as a franchisee.
Knowledge is power and nowhere more so than in the franchising sector, where new franchisees are making the ultimate leap of faith into their own business.
But just how do potential and new franchisees navigate their way through the myriad of information they are presented with, and which will dictate their future prospects in franchising? At the other end of the scale, how do those with access to no information at all make informed decisions on their business future?
Griffith University’s Asia-Pacific Centre for Franchising Excellence is an invaluable resource for anyone looking to take the plunge into an exciting new career as a franchisee.
The Centre operates impartially and completely independent of franchisors, there are no vested interests or selling of franchise systems. The focus is solely on education and professional development in franchising, including the foundation stones of knowledge for new entrants to the sector. It is worth noting that both the ACCC and the FCA have entrusted Griffith University’s Asia-Pacific Centre for Franchising Excellence to supply educational courses and/or undertake research for the sector regularly.
It provides a range of convenient, easy-to-access and in many cases FREE online franchise pre-entry, business survival and management essentials education programs. These sector-based educational resources should be the first port of call for anyone looking to buy a franchise as well as recent franchisees and small business owners.
Potential franchisees need to rely on much more than just ‘gut feel’ when making such an important decision as a franchise investment, and the Centre is committed to providing the early education required for future business success.
Its educational programs are designed to not only aid improved decision making through enhanced knowledge levels, but to also improve understanding of the franchising sector, compliance with the Franchising Code, and practical issues that could be faced.
The authentic and ethical nature of these resources is what sets the Centre apart inthe franchising sector. There is no selling of franchise systems or products. In fact, these educational tools may even lead you to a decision that franchising is not for you.
The focus of the Centre’s educational activities is to get franchisees thinking, asking questions, finding answers, and making well-informed decisions about their future. This, in turn, raises knowledge levels, understanding of franchising and compliance, and best practice standards across the sector. The end result of better education is more successful and sustainable franchisees and franchise systems throughout the sector.
Anyone new to franchising or thinking of buying a franchise should consider the following programs offered by Griffith University’s Asia-Pacific Centre for Franchising Excellence:
1. FREE ‘Buying a Franchise’ – Pre-entry Franchise Education – Short Online Course
If you are thinking of buying a franchise, this FREE online short course is available to help you assess franchise business opportunities before deciding which one is right for you. It is important to know how to correctly assess franchise business opportunities to ensure you make the correct choice.
The ‘Buying a Franchise’ Pre-Entry Franchise Education Program sets the solid foundations for business success, before you actually buy a franchise business. It is designed to assist franchisees to better understand the due diligence process and create more realistic expectations when entering franchising.
Research into the effectiveness of this program reveals franchisees that complete the program will not only have more realistic expectations, they are also more likely to become franchisees.
This program is kindly sponsored by the Australian Competition & Consumer Commission (ACCC) and it is strongly recommended to incorporate the program into franchisee recruitment processes. Even if you’ve already started looking for a franchise to buy, you will still benefit from the ‘Buying a Franchise’ Pre-Entry Franchise Education Program.
Its five short online course modules cover:
1. What is franchising?
2. Understanding franchise disclosure,
3. Franchise support services,
4. Franchising intellectual property, and
5. Questions to ask franchisors.
2. Franchise and Small Business Survival eClass – FREE Online Education
This new FREE Franchise and Small Business Survival eClass is specifically designed for people looking to buy a franchise, recent franchisees and small business owners.
Recent franchise sector research by the Centre showed that many franchisees and small businesses overlooked critical issues in their management that could lead to business failure.
The Franchise and Small Business Survival eClass investigates key areas in business management, including contractual understanding, partnerships, expectations and debt levels.
While these have all been identified as being critical areas, it has been shown that most failed business owners were lacking in knowledge in one, or more, of these areas. They are all issues which, without proper understanding and management, directly place the future prospects of business success at great risk.
This valuable online educational resource comprises four animated eClasses to improve business management knowledge in these critical areas.
Knowing what these issues are before buying a franchise or small business is the best peace of mind for any business.
3. Franchise Business Management Essentials eClass – Online Short Course
The Franchise Business Management Essentials eClass is for people buying a franchise or who have recently bought a franchise business and have become a franchisee.
It is focussed on building strong business fundamentals for franchisees and is designed to supplement franchisor training by addressing key areas which often lie outside of this, such as core business management skills.
Whether you are looking to buy a franchise, or have recently become a franchisee you will need to gain an understanding of how to manage a small business effectively.
Most franchisors do not address business management in their training for franchisees, instead focusing more on the operational aspects of running the business. That’s where this short online course can help as it is specifically designed to fill this skills gap.
The eClasses cover all the fundamental business skills you will need to run a successful business, including preparing budgets and cash flow forecasts, managing staff and supply chains, introduction to small business and franchise marketing, managing growth and identifying opportunities, franchise conflict causes and resolutions, and profiting when exiting your business.
This resource incorporates the latest franchise research and best practice examples to accelerate success and is ideal for people with no or limited previous business experience.
As well as setting franchisees on the right path to franchise business success, the Centre offers a wide range of ongoing, sector events, resources, and educational programs for both franchisees and franchisors, as part of its commitment to lifelong learning and professional development for all in the franchising sector.
For more information on these invaluable franchising sector educational resources you can subscribe to the centre’s regular newsletter, LinkedIn or Twitter accounts to keep up with the sector education and current news or:
T: 07 3382 1401