There are many resources available in this day and age to help assist someone who is thinking about franchising a business. One of the best resources that I have come across is a website for the International Franchising Association. This website has many tools available for anyone that may be interested in franchising a business. There are 7 main sections of information on this website.
The first section of the website is where you start your search for the perfect franchise opportunity. From the drop down menu you can select start a search. This allows you to search the database from hundreds of different opportunities. Scrolling down you can search franchise opportunities by industry, learn about franchising, read blogs about franchising, and find out information about franchising for veterans. The next block over you can find events sponsored by the International Franchising Association.
You can look at the event calendar, get information on the upcoming conference, learn about the symposium, and even get information about the small business summit. The events tab is almost like having a personal assistant to keep you up to date on the many events the IFA are involved with. The event tab is also where you can get information about upcoming webinars, franchise development, and even leadership seminars. The resource tab is a very valuable source. Whether you’re thinking about franchising or currently have a business, there are many great features on the resource tab.
The best benefit on the resource tab is the find a supplier feature. This feature lets you sift through many different suppliers that you may not have known existed. There are also several other features on the resource tab. The second best part of the resource tab is the link to the IFA University. When you click on the link you will be directed to the International Franchising Associations university page. The IFA University has numerous programs that you can use to help you succeed not only in franchising, but also business management.
All of the classes on the IFA University website are paid classes. This means that you will have to purchase the material before you use it. Some of the classes you can take at the IFA University website include workplace fundamentals, marketplace fundamentals, dynamic demographic classes, financial planning, and profit mastery classes. These resources might be paid resources but they look like they are worth every penny spent on them. Most classes only cost about $100 per class. This is a small price to pay if it can help your business venture be successful.
The next two tabs on the website are not as useful as the first, but they still have some great information. The next two tabs on the website offer information about news and media as well as information about government relations. The government relations tab has information about franchising congress, franchising votes, and information about franchising economics. The last two tabs on the IFA website offer information on professional development, including information on scholarships and grants, as well as international franchising information.
The second part of this assignment asks for me to look for a food service franchise that is available in my state. I chose to use Wendy’s Old Fashioned Hamburgers for this part of the assignment. I chose this franchise for several reasons. The first reason I chose this restaurant is because it was founded in my home state, which happens to be Ohio. The second reason I chose Wendy’s is because I am most familiar with it. I have worked at a franchise of Wendy’s for 7 years now. I think that out of the top 3 major brands, Wendy’s most matches my values.
Wendy’s was founded in 1969 by Dave Thomas. It was founded in Dublin, Ohio. Wendy’s currently has 6,600 franchised units and another 1,400 company owned units. Wendy’s began franchising back in 1972. The startup cost of a new Wendy’s unit costs 250,00. Your initial investment with the company is between 250,000 to 600,000. To franchise a Wendy’s unit you need to go through an extensive 6 month training course which includes training at both the restaurant level as well as field training, and class room training. The major qualifications to franchise a Wendy’s are a net worth of 100,000 to 500,000 in liquid assets, a successful business track record and the commitment to be an owner/operator.