Though things might be looking up, the U.S. economy is still in an unsettling state that can make things difficult for business owners. During these times, they have to trust their employees to have a handle on their day-to-day duties and make smart decisions. In the absence of this responsibility, moderate (or even minor) mistakes can do untold amounts of damage to a business.
For franchises, this means that “franchise schools” play a vital role in preparing potential owners for the rigors of running one of their businesses. It may sound hokey; but these schools are actually incredibly rigorous and can prove to be not only extremely helpful to the franchisee, but the franchiser as well.
Franchise school introduces potential owners to the everyday aspects of their job — and the everyday aspects of other jobs involved with the business. By learning these jobs — from the low-level to the mundane — these prospective owners, in theory, will not be surprised by any problems or issues on the job.
Many of these classes and training programs occur before the franchisee is given his or her franchise. They must complete weeks- or even months-long sessions that deal with media relations; crisis aversion and management; first aid and CPR; and general supervision tactics.
The school isn’t just for the franchisee, though. The franchiser benefits from having prospective owners go to their specialized schools. The process can weed out people who are unqualified or unfit for management and, most crucially, it makes the franchisee look more credible to banks, which look to limit the risks when allowing a loan for the franchise.
Source: Wall Street Journal, “Before You Open That Franchise, It’s Back to School,” Elizabeth Garone, Nov. 8, 2012
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