How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
Learning as much as you possibly can about the Canadian franchise industry will help position you for success once you've opened your own franchise. The more you know, the more you are able to prepare for as a new business owner. All that aside, if you are new to franchising, you may not know where to start to learn about your potential industry or franchising in general. This is a process that can easily overwhelm, and for some people, it even blocks the path to franchise ownership entirely.
Fortunately, learning about franchising is a bit easier than it sounds. Immersion in franchising is accomplished via your time and effort. You don't need to dedicate your life to the study of the industry; it's more about what you are able to absorb along the way. By paying attention and consciously deciding to reach new understandings and learn new skills, you can become a more competent business owner every single day.
To learn more about franchising as a whole and the Canadian industry you think you want to franchise in, follow the simple steps below.
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Use your ideal medium
You can start learning more about the market now, even before you sign a franchise agreement. Decide what your preferred medium is and use that to educate yourself. Read books, watch YouTube videos, subscribe to podcasts; whatever medium or mediums you prefer are the way to go.
Start following the trends that interest you. Google industries or investors you are curious about and find and follow their associated hashtags on social media. When you track what you are the most intrigued by, you'll be able to learn faster and you'll likely learn more, too.
As you proceed, you will likely hear about new mediums and new shows to learn from. For example, you may listen and learn a lot from one podcast, and that podcast may recommend another one for more information. Learning online can be a rabbit hole, but don't be afraid to go down it. You never know what you could learn along the way, and the only thing you're likely to be out of is time.
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Take formal classes
Whether or not taking formal classes will benefit you depends on your assessment of your own skills and knowledge and the limits you encounter to what you can learn online, if any. Keep in mind that many franchises do not require a relevant education or even experience in the brand industry, and you will receive training and support along the way. Of course, if you decide you need to attend a class for a specific skill or knowledge set, you should go for it. Even if you ultimately decide against that franchise industry, you still have gained new knowledge
There are a myriad of ways you can learn more about franchising in general and a specific industry within it. As a prospective business owner, take the time you need to learn and become a more informed franchisee.
