Straight Talk About Franchising
4.4 (4 ratings)
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Straight Talk About Franchising

What I Learned and You Need to Know - A Comprehensive Guide to Making a Choice and Putting It Into Action
4.4 (4 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,050 students enrolled
Created by Cynthia Readnower
Last updated 8/2015
English
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Current price: $10 Original price: $80 Discount: 88% off
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Includes:
  • 6 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Learn about the world of franchises
  • Find out if you should be an entrpreneur
  • Learn what makes a good franchise and how to stay away from the bad franchises
  • Educate yourself on all the many things you have to know to run a business
  • Learn to operate a small business
View Curriculum
Requirements
  • You only need an interest in the subject material to enjoy this course
Description
  • This course is based on one franchise owner's experiences in the quick casual dining segment of the franchise industry, although it's principles can be applied to any industry or business. Filled with actual personal anecdotes of what the instructor experienced, it is filled with actual situations, colorful infographics and lots of information about franchises and running a business. This course points out what you need to know, what questions to ask and how to avoid the many pitfalls that come with buying a franchise or owning a business.
    • Learn what makes a good franchise and what criteria you should look for
    • Learn how to avoid the bad ones
    • Find out if you have what it takes to own a business
    • Learn the best human resources practices
    • Learn about safety and security for your business
    • Consider all the legal requirements
    • Learn how to operate your business including accounting, marketing, customer service, sales, maintaining equipment, hiring and firing, managing systems and schedules, banking and much more
    Who is the target audience?
    • This course is meant for anyone interested in buying a franchise or running a small buisness.
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    Curriculum For This Course
    Expand All 113 Lectures Collapse All 113 Lectures 06:01:10
    +
    Welcome to Straight Talk About Franchising
    3 Lectures 10:38


    You will learn the basics of franchising - what you should expect from a franchisor and what they want from you in return.

    Preview 07:17
    +
    An Overview of Franchising
    15 Lectures 52:29

    A list of basic franchising terms.

    Terminology Used
    00:55

    Find out what traits are the most common among successful entrepreneurs.

    How to Make a Choice
    03:41

    Why you should research the franchise company and all the owners.

    Doing Your Research
    07:42

    Understand the difference between public and private companies and the implication for a franchise.

    The Difference Between Public and Private Companies
    04:46

    Consider the purchasing power of the franchisor and just how much you will save by being in a group with volume discounts.

    Purchasing Power of Franchises
    02:14

    Commercial equipment is a big investment and many franchisors insist you buy from them.

    Buying Equipment for Your Business
    02:43

    Every franchise should have an independent association. Find out what it's all about.

    Independent Association of Franchises
    02:02

    A very important document, the FDD (UFOC) can be over an inch thick. It's often difficult reading but also a key.

    The Franchise Disclosure Document or UFOC
    03:14

    Most franchisors will inspect your location regularly. Lawyers will also be a part of your life.

    Inspections and Legal Representation
    03:01

    Numbers can be manipulated to show you want the franchisor wants you to see. The franchisor may hold all the cards once you have signed on.

    The Meaning of Numbers and the Balance of Power
    07:54

    Find out all the types of franchises and the industries available today.

    Types of Franchises
    02:28

    A personal story based on a customer comment.

    Will You Get Rich?
    01:34

    Reasons a franchise may be right for you.

    Why Should You Buy a Franchise?
    03:14

    Find out why you should NOT consider a franchise. Reasons include that the franchisor won't give you enough territory protection.

    Reasons NOT to Buy a Franchise
    04:47

    Things that make a particular franchise attractive such as lower royalties.

    What Makes a GOOD Franchise?
    02:14
    +
    Do You/They have What It Takes for Success?
    20 Lectures 01:08:41

    This decision may impact you for several years. How does it change from the "honeymoon phase" through the early years and onward? You're choosing a lifestyle, not just a job.

    Thinking Ahead
    06:16

    A personal story about losing two managers.

    Losing a Manager Can Hurt
    01:48

    Considerations include just how well the franchisor can show you a reason they are different than all the others.

    Other Considerations
    05:55

    A personal story of a franchise consultant and their affect on me.

    Tale of a Franchise Consultant Experience
    00:50

    Taking into consideration your risk versus reward and where the franchisor is in the life cycle of their business. Are they just getting started or do they have years of experience? Is their product fresh or tired?

    Risk and the Life Cycle of a Business
    02:39

    Training is critical but cost may be involved.

    Franchisor Provided Training
    03:21

    People need to see that you offer new items or new ways of approaching old issues.

    Product Testing
    03:44

    How does a franchisor communicate with you? Do you have to use one of their recommended architects?

    Communication and Choosing and Architect
    02:27

    A personal story about a franchisee who had a builder abscond with their money.

    When a Buildout Goes Wrong
    01:06

    The culture of the franchisor's company can and will affect you. Do they wear suits everyday? Are they formal? Do they want franchisees that are creative or ones that follow the rules exactly?

    The Corporate Culture of the Franchisor
    07:16

    A personal story about a franchisee who decided to beat the system and ended up losing it all.

    A Bad Apple
    01:20

    Considerations include whether you allow a distributor to drop ship their product inside your door during the night.

    Distribution Considerations
    03:09

    A personal story about the franchisor changing their distribution system.

    You Can't Control Distribution Company Changes
    01:36

    How much can a franchisor control what works or doesn't work for you?

    Product Specifications and Other Considerations
    03:22

    You may experience a conflict of personalities or backgrounds.

    Can the Franchisor Understand Who You Are?
    03:52

    A personal story about not getting a promise in writing.

    My Lesson About Getting It In Writing
    01:18

    If the franchisor wants you badly enough, you may get exceptions to your contract. Get it in writing.

    Your Franchising Contract
    04:04

    Reporting will be a big part of your life.

    Looking at Your Future Under Franchising
    06:47

    Deciding on a location is a huge decision.

    It's True - Location is Everything
    02:43

    Not only will you answer to your franchisor but also to your landlord. Understanding your franchise fees and royalties.

    Dealing With a Landlord, Resale, Royalties and Fees
    05:08
    +
    Human Resources - What You Need to Know
    16 Lectures 53:03

    Good hiring practices can keep lawsuits away. Make sure you know the laws.

    Good Practices and HIring Employees
    04:45

    A description of the American With Disabilities Act (ADA) and its affect on your business.

    Disabilities and the Law
    02:41

    Knowing when a felony on record can be talked about with a potential employee. An overview of payroll taxes (yes, you have to pay them) and worker's compensation. More costs for your business.

    Felonies, Payroll Taxes and Worker's Compensation
    06:00

    Payroll companies and employee leasing companies are two different things. Leasing employees may be a valid option.

    Using a Payroll Company or Leasing an Employee
    03:35

    The Employee Handbook you create will be your "go to" guide for all your policies and procedures.

    The Employee Handbook
    01:19

    What does it mean to be exempt? What benefits should you consider?

    Exempt Employees and Benefits
    03:54

    When should you do drug testing? What is sexual harassment? How do you recruit managers?

    Drug Testing, Sexual Harrassment and Recruiting Your Managers
    04:00

    A personal story about a manager going through a difficult time in their life.

    Dealing With An Emotional Employee
    00:58

    Managers need authority and discretion to make certain choices so that they can also be accountable.

    Holding Managers Accountable
    01:31

    A personal story about a rat in a restaurant and the smell of gas creating havoc.

    Things That Go Wrong
    01:59

    Treating an employee with respect. Following systems when employees must clock in and out of their shifts.

    Dealing With Employees
    03:33

    Teenagers need to be protected because they may not have the experience to make the best decisions at all times.

    Protecting Teenagers You Employ
    03:18

    Do you need to give breaks to employees? How does the IRS view you as an owner and the money you make? How should you review an employee?

    Taking Breaks, The IRS and Ownership, Giving Reviews
    04:31

    Do you have the right to have a probationary period for employees? Can they be fired during that time without cause? What do you need to know about training?

    Probationary Periods and Training
    02:20

    Employees can't do their jobs well without knowing what is expected of them. Employees respond best to rewards, not threats.

    Setting Expectations, Rewards and Warnings
    05:20

    Firing an employee needs documentation and if the employee fights it, you will need to handle a grievance.

    Firing and Employee and Handling Grievances
    03:19
    +
    Safety and Security for Your Business
    12 Lectures 41:55

    The importance of making sure every aspect of your business is protected.

    Security for Everything
    02:20

    Credit cards and the safety of their information is your responsibility.

    Protecting Credit Cards
    01:54

    Handling large sums of cash can be a safety and security concern. How to take cash to the bank and make sure it is safe on your premises.

    Handling Cash and Lots of It
    08:56

    More on cash handling.

    Handling Cash Part 2
    06:24

    Quick scam artists can hit anyone anywhere. They are extremely skilled at what they do.

    Quick Scam Artists
    02:27

    Your personal and business information is always at risk and must be secure from other employees, customers and vendors. Your responsibility for keeping employees safe.

    Keeping Information and Employees Safe
    02:18

    Vendors coming in and out of your business add another element of risk to your safety and security. Many vendors see all the operations of your business including your office and safe.

    Vendors Entering Your Business, the Threat of Robbery
    03:01

    You must not let teenagers handle dangerous chemicals or operate certain types of machinery.

    Extra Safety Concerns for Teens
    01:38

    Many employees will not want to come into work with the threat of severe weather. How should you handle that? Making sure your computer is always backed up so you can easily recover information in the event of a disaster or failure.

    Severe Weather and the Critical Computer Backup
    03:50

    Stay connected to your business by using a security system that enables viewing of your security cameras over the Internet.

    Security Systems, Silent Alarms, Cameras
    02:51

    A personal story of employee theft about a long-term manager.

    When an Employee Steals
    02:15

    When should you call the police? How should you keep employee and customer records safe?

    Caution, Safekeeping Employee and Customer Records
    04:01
    +
    Your Legal Requirements
    5 Lectures 11:09

    You will have to adhere to all government requirements to open your business.

    Licenses and Permits, Zoning, Building Inspectors
    02:37

    My personal lesson on opening day and a building inspector.

    My Lesson on Building Inspectors
    01:26

    Dealing with government representatives and paying sales tax.

    Fire Marshals, Health Inspectors, Paying Sales Tax
    04:07

    What is a fictitious name and why do you need one?

    Doing Business As (DBA)
    01:14

    You can never avoid or delay required government filings.

    Filing Documents with the Government, Health Permits, Closing
    01:45
    +
    How to Operate Your Business
    42 Lectures 02:03:15

    What criteria makes you successful?

    The Success Formula
    03:59

    It's much more difficult to plan for anything until you have a history.

    Getting Ready to Open and Forecasting
    02:46

    What does a business plan entail?

    The Business Plan
    03:57

    No one likes to pay for it, but everyone needs it. Insurance can drive up your costs.

    Insurance
    00:58

    My personal lesson with using insurance.

    The Unplanned Happens
    01:26

    A good franchise business consultant can be invaluable. Understanding labor scheduling and costs.

    The Business Consultant, Labor Cost and Scheduling, How to Train
    06:29

    Motivation and the different stages of life. What can you do to motivate your employees?

    Motivation
    04:35

    My personal views and experience about motivation.

    Having Fun and Motivating Too
    01:53

    How to communicate with anyone and everyone, one of the best skills to possess as a business owner.

    Good Communication
    08:23

    More about communication.

    Good Communication Part 2
    05:10

    What is a manager log and how can it benefit you?

    Using a Manager Log
    02:45

    You must be prepared to market and advertise your business. It's a necessary part of any success.

    Marketing
    05:10

    Understanding the costs of commercial equipment.

    Commerical Equipment is Costly
    02:56

    Why should you do preventative maintenance on your equipment. Do you need a contingency system for critical components? Using systems to make your life easier.

    Preventative Maintenance, Contingencies, and Using Systems
    05:08

    Audit trails are crucial when you must find information that validates warranties, hiring and firings, contracts, etc. You must have more than one way to recover information if something happens to your normal system. Understanding product costs.

    Audit Trails and Product Costs
    02:56

    My personal story about the franchisor giving out incorrect information.

    When the Franchisor Gets the Product Cost Wrong
    00:57

    You may run lots of products through your business. It is important that you know how to check in large orders efficiently and how to place orders.

    Placing Orders with Vendors and Checking Them In
    03:09

    You can be liable for just about anything in your business. How to reduce your risk.

    Your Liability
    03:22

    My personal lesson about product liability.

    My Lesson About Liability
    00:53

    There are not too many people that enjoy the everyday tasks of accounting, but you can't get away from it. A good system and self discipline pays off in the long run.

    Accounting Practices
    04:07

    Your relationship with a good accountant is very important. You should find one you feel is on the same wave length as you.

    Choosing An Accountant
    02:14

    What is cash flow versus profit?

    Cash Flow and Documentation for Your Taxes
    01:37

    You can't avoid paying sales tax. Understand your responsibilities and where things can go wrong.

    More on Sales Tax
    04:02

    What is depreciation and its benefits? How should you handle small cash expenditures?

    Depreciation and Petty Cash
    03:12

    A look at paying invoices.

    Accounts Payable (Paying Invoices)
    05:05

    A look at extending credit to others and having an accounts receivable procedure.

    Accounts Receivables and Extending Credit
    02:16

    If you handle a lot of cash, your bank will be a big part of your life. You must check all fees to make sure they will not charge you extra to process the cash.

    Banking
    03:02

    Credit cards cost you money but unfortunately you don't have a choice.

    Dealing With Credit Cards
    01:36

    What does it mean to have a merchant services account? How does it work?

    Merchant Services Accounts
    02:48

    A personal story about experiencing identity theft - but not individually - with my business!

    A New Problem With Indentity Theft for Businesses
    01:59

    Having your bank accounted debited automatically. What is a money scale and how can it help you?

    Automatic Bank Drafts, Using a Money Scale
    01:42

    Written policies can protect your business. Make sure you constantly change policies to reflect new needs. You vendor agreements also need to be reviewed.

    Creating Written Policies, Vendor Contracts,
    03:24

    Good vendors who actually do what they promised make your job a lot easier.

    Finding the Right Vendors
    02:44

    A personal story about dealing with a vendor.

    Vendors Can Cause You Aggravation
    02:02

    Businesses get complaints, it's a part of the job.

    Are You a Hobby or a Business?
    02:20

    Customer service involves many things. What is expected of you?

    Customer Service
    03:18

    An Infographic describing good customer service.

    Infographic - Customer Service
    02:05

    A personal story about a very special customer.

    Having Great Customers
    02:02

    People only want to wait so long to get their product or service. How to help them wait longer. Dealing with customers who are out to scam you.

    Queing Theory and Dealing With Scams
    01:57

    Continued learning adds more creativity and excitement to your business.

    Always Learn New Things
    00:54

    A small but important task is getting your mail.

    Getting Your Mail
    01:05

    Thank you for completing this course. Congratulations!

    Summary
    00:52
    About the Instructor
    Cynthia Readnower
    4.3 Average rating
    6 Reviews
    1,373 Students
    3 Courses
    Straight Talk About Franchising

    Cynthia Readnower is an author, columnist, owner of Skinny Leopard Media and Integrated Mindset, LLC and an award winning Life Coach. She spent years in sales and marketing positions for Fortune 500 companies and has owned two restaurants and other small businesses. She received her M.B.A. from the University of Dayton and grew up in Dayton, Ohio. Her interests span the gamut of changing the paradigm of how business is done, drawing out the potential in all people, and using creativity in all aspects of life.