By: Staff Reporter
The Australian Competition and Consumer Commission (ACCC) has announced it will provide a free online education program that will give prospective franchisees advice and information on buying a franchise.
The program, which will kick off in July, will be run through Griffith University.
ACCC deputy chair Michael Schaper said the program will be a “one-stop shop”, catering to all levels of learning.
“[It will provide] potential franchisees with a better understanding of their rights and obligations under the Franchising Code, and some of the practical issues they could face as a franchisee," Dr Schaper said.
Recent research from Griffith University has shown that 49 per cent of franchisees rely heavily on their 'gut feeling' when deciding to go into franchising.
Dr Schaper said there was a clear need for earlier and better information.
“[Early] education of potential franchisees is a critical factor in their business success and compliance with the [Franchising Code],” he said.
Under the program, prospective franchisees will learn about franchise-specific issues, including franchise fees, royalties, operations manuals, marketing funds and site selection, as well as general business concepts such as cashflow and working capital.
Leasing arrangements and dispute resolution will also be covered.
"Anyone thinking about buying a franchise should enrol in the program," Dr Schaper said.
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