This is an overview of Franchise King Joel Libava’s “The Ultimate Online Franchise Course: How to Choose and Research a Money-Making Franchise.” In this article you’ll learn what the course is about and what is included in each lesson.
The Ultimate Online Franchise Course
In a nutshell: It’s a unique, easy-follow-course course with many important insights about franchising you’d have trouble finding elsewhere on the web.
The Ultimate Online Franchise Course reads like an interactive version of Libava’s book Become a Franchise Owner with embedded videos and podcasts to emphasize certain points. Libava is constantly linking out to other interviews, articles, and resources so you can explore extra topics without feeling overwhelmed in the main lesson.
In addition to the above resources, there are many “follow along” exercises that keep you active throughout the course. Students also get unlimited access to Libava’s monthly conference calls, where you can ask specific franchising-related questions, as well as a discounted rate on 1-on-1 consultations.
The course comes with 30-day money back guarantee, so you can always try it before committing. To purchase the course, click here.
An Overview of Each Lesson
Here’s a brief overview of each “module” or lesson. The course is arranged so that you can read each at your own pace and move between modules at will:
Module 1: Owning
The course begins with an overview of what franchising is all about. As an initial test, Libava recommends sitting down with somebody critical (i.e. your family), explaining your interest in franchising and seeing how well you can justify yourself. Do you stay rational or get defensive? It’s a simple test that tells how ready you and your family are for a major life decision.
Module 2: Franchise Advantages/Franchise Choices
There’s lots of potential advantages to starting a franchise, and Libava details each and every one. Notably absent in this section are the downsides to franchising, but you’ll find out about those throughout the rest of the course. In this section, Libava also gives you an overview of the different types of franchises, from food service (which is actually one of the hardest business ventures), to B2B, retail, auto and more.
Module 3: “The “You” In Franchising
Here’s where things start to get more critical: Libava outlines the unique responsibilities of franchise owners, and shows why franchise ownership can be more grueling than running an independent business. The module ends with the franchise personality quiz: A quick test, personally graded by Libava, that reveals how likely you are to succeed in the role.
Module 4: Increasing Your Odds Of Making A Lot Of Money
Now comes the real “meat” of the course. Libava shows you how to search for franchise opportunities based on your skills, personality traits and finances. This is one of the more actionable sections: Libava shows you how to determine your maximum investment, and find opportunities that meld with your dominant traits.
Though he uses Franchisedirect.com as an example, we detail several other top franchise directory websites in our article Top 8 Sites to Find Franchises For Sale.
Module 5: Choosing and Researching
How to prepare for the initial phone call with a franchise? What questions should you ask? What about subsequent phone calls, webinars, emails, etc.?
Most of us wouldn’t think of these questions until we’re moments before the call and freaking out. Libava’s ability to break down these moments with simple, straightforward advice is surprisingly valuable.
For example, one question listed is what are some of the reasons you’ve turned down prospective franchise owners in the past? It’s a simple question that’s not particularly intrusive or difficult to ask. It tells you something valuable, however: How serious is the franchisor about their potential investors. If they aren’t picky about who they select, they probably don’t supply at that much support to their franchisees.
Module 6: Franchise Research
Libava revisits an earlier topic – how to research franchise opportunities on the web – to explore a few more important lessons. Primarily, how can you speak with current franchisees to get an unbiased opinion about the opportunity? As he’ll explain, it actually is as simple as calling them up.
Afterwards, Libava explores franchise financing and the coveted SBA 7(a) loan, which you can learn more about from on our Franchise Financing Guide. He also introduces the Franchise Disclosure Document (FDD), which is key to making your final decision.
Module 7: Deciding
How do you know when to say “yes” to a franchise opportunity? In this section, Libava details two of the most important steps in finalizing a franchise investment decision: Reviewing a Franchise Disclosure Document (FDD) and visiting corporate offices on Discovery Day.
Some of the most important lessons Libava has to offer are the seemingly small tidbits: Why you should never attend discovery day if you haven’t read the FDD, for example, or why it’s not all that important if a franchise won’t disclose the average income of their units. You can find the cold facts anywhere on the web, but these more-subjective tidbits are a rare novelty.
Module 8: Resources and More
The final lesson is a list of articles and websites where you can learn more about franchising and running a business. Fit Small Business also has an extensive starting a business section where we review popular franchise opportunities and provide user guides for starting a business.
The Bottom Line
Clear from the go-to is that Libava knows a lot about franchising. You can learn about the basics of franchising from any business expert, but you’d be hardpressed to learn the specifics – like how to conduct a phone call with a potential franchisor, or how to know when it’s time to pass on an opportunity. As somebody with a wide and diverse array of experiences in franchising, this is the unique type of insight Libava offers. Also, given the 30 day money back guarantee, you can try it without any risk. To purchase the course, click here.