buzz•word
Information Central The IFA helps potential franchisees as well as seasoned pros in the industry
The International Franchise Association (IFA) serves as an information clearinghouse for all things franchise. Whether franchisor or franchisee, consultant or attorney, or other franchise specialist, the IFA can offer vital statistics, advice from every type of expert, the names of excellent suppliers— anything and everything. People already in the industry trust the association as their go-to resource. But another crucial aspect of the IFA mission is to educate wannabe franchisees about the industry. Is franchising even right for you? The nonprofit organization’s website, www.franchise.org, can assist your decision-making with a 10-question quiz. When you’re evaluating franchises, what do you look for? The IFA suggests topics that should be explored in-depth, including: 1) what to ask the franchisor and yourself, as the potential franchisee, and 2) precisely how much support you will receive from the franchisor.
20
FranchiseDictionaryMagazine.com
In addition, the IFA helps potential franchisees learn their legal rights regarding liability issues, trademarks, product sourcing, and more. If you decide franchising is for you, the IFA can point you toward franchises that are an ideal fit for your experience, educational background, financial status, and goals. The association further narrows the field based on which ones are especially generous toward veterans, franchises with a buy-in of less than $50,000, and international opportunities. How about those all-important franchise disclosure documents, or FDDs? The IFA has tutorials to clarify the terminology and expectations. And once you’re ready to buy a franchise, if you need start-up money, the association can recommend various options. Folks entering the exciting, rewarding world of franchising will find that the IFA is a new BFF. For more information, visit www.franchise.org.
