George Cohon, renowned businessman and founder of...
If you've been considering becoming a franchisee in Canada but find yourself still a little unsure, it could be time for a little education outside of the franchise disclosure documents you've been studying. Some specific classes can help you on your journey as franchisee and give you something to do while you make your final decision.
A new language
Knowing a new language is always valuable, and that's especially true in a country with two different official languages. If your English or French isn't so great, now is the time to take classes in the language you're weaker in. This way, when you do open your doors, you'll be able to communicate with customers from all areas and walks of life.
Finance or business
Taking business or finance classes may seem like a no-brainer, but since there is a lot of support in a franchise system, it's not always necessary to have deep knowledge in these areas. However, if you educate yourself on these topics, you'll be more confident about running your new franchise and have some insight you didn't have before.
Even if the idea of businesses classes puts you right to sleep, you should still learn some light accounting and basic financial principles. Without the basic knowledge, you may struggle to fully understand what is going on with the money in your business, and it will also be more difficult for someone to defraud you should you happen to hire the wrong person.
You don't have to take a dry language or business class to help prepare yourself for your life as a franchisee. There are classes for topics to related your franchise that can give you a deeper understanding of the industry, product or service. If, for example, you want a coffee franchisee, a craft coffee class can be a fun way to learn more about the creation and brewing processes. If you're deciding between brands in different industries, you can take classes that allow you to explore those industries and make a more informed choice.
It's never too late to learn something new, and you can better prepare yourself for your future as a franchisee by taking the time to get some extra education. Whether it's language, business or something more creative, your newfound knowledge can give you an unexpected edge.