Evaluating a Franchise: Key Mistakes to Avoid Now
Last Updated on June 7, 2025 by mia
Thinking about diving into the world of franchising? You’re not alone. Many entrepreneurs face the challenge of evaluating a franchise opportunity, often feeling overwhelmed by choices and potential pitfalls. With around 20% of franchises failing within their first year, it’s crucial to make informed decisions that lead to success.
Understanding key factors like brand reputation, financial performance, and support systems can set you on the right path. A thorough evaluation not only helps you avoid costly mistakes but also positions you for growth in a competitive market.
Evaluating A Franchise
Evaluating a franchise requires careful consideration of several key factors. By following these steps, you can make informed decisions that lead to successful business ventures.
Research Franchise Options
Researching franchise options provides insight into the industry and available opportunities. Focus on franchises that align with your interests and skills. Evaluate factors like market demand, growth potential, and competition within the niche.
Analyze Financial Performance
Analyzing financial performance allows you to understand profitability. Review the Franchise Disclosure Document (FDD) for critical information such as initial investment costs, royalty fees, and historical sales data. Compare this data against other franchises in similar markets to gauge their performance.
Assess Brand Reputation
Assessing brand reputation is crucial for long-term success. Look for reviews from current franchisees about their experiences operating under the brand. Websites like Franchise Direct offer insights into various franchises’ reputations through ratings and testimonials.
Evaluate Support Systems
Evaluating support systems helps you determine if a franchise provides adequate resources for success. Check what training programs are offered, ongoing support availability, marketing assistance, and operational guidance provided by the franchisor.
Consider Location Requirements
Considering location requirements impacts your potential customer base significantly. Investigate any geographical restrictions imposed by the franchisor on where you can open your franchise location. Ensure that chosen locations have foot traffic or visibility necessary for attracting customers.
Review Legal Obligations
Reviewing legal obligations ensures compliance with regulations governing franchises in your area. Understand any contracts involved before signing agreements with franchisors; this includes understanding renewal terms or exit strategies should circumstances change later on.
Speak with Current Franchisees
Speaking with current franchisees gives valuable perspective on day-to-day operations within the franchise network. Learn about their challenges and successes directly from those who operate similar businesses successfully in real-time scenarios without relying solely on promotional materials or sales pitches provided by franchisors themselves.
Attend Discovery Days
Attending discovery days enables face-to-face interaction with franchisors along with other prospective owners exploring opportunities firsthand at corporate headquarters or designated venues designed specifically for informative purposes regarding specific brands being evaluated during these events specifically tailored towards evaluating a franchise effectively while networking among peers also interested simultaneously!
By following these steps when evaluating a franchise opportunity thoroughly—researching options extensively analyzing financial performance assessing brand reputation evaluating support systems considering location requirements reviewing legal obligations speaking actively engaging current owners attending relevant discovery days—you create an informed foundation upon which future decisions rest confidently!
Understanding Franchising
A franchise represents a business model that allows individuals to operate under the brand of an established company. Franchises provide a way for you to start your own business with support from the franchisor. You pay fees in exchange for using the franchise’s trademarks, business methods, and ongoing assistance.
Franchising involves two key parties: the franchisor and the franchisee. The franchisor owns the brand and provides training, marketing, and operational support. The franchisee operates their own location while adhering to the franchisor’s guidelines. This relationship connects you to an established system that can reduce risks compared to starting from scratch.
Understanding this structure helps clarify what it takes to evaluate a franchise effectively. By knowing how franchises work, you gain insights into potential benefits and challenges associated with owning one.
Types Of Franchises
Different types of franchises cater to various business interests and models. Here are several common categories:
- Product Distribution Franchise: Involves selling products under a brand name, often seen in automotive or retail sectors.
- Business Format Franchise: Focuses on providing a complete method for operating a business along with branding support; fast food restaurants exemplify this model.
- Manufacturing Franchise: Allows you to produce goods using branded formulas or processes, common in beverage or food industries.
- Service Franchise: Offers services like cleaning or education under an established name while following specific operational procedures.
Evaluating which type aligns with your goals is vital when considering investing in a franchise. Each type carries unique requirements and expectations that impact your operations.
When assessing these options remember factors such as initial investment costs, training offered by the franchisor, expected profit margins based on industry standards, and market demand for those particular products or services within your area.
By understanding these elements of franchising thoroughly you position yourself better when deciding which opportunity suits your aspirations best.
Initial Considerations
Evaluating a franchise requires careful thought. Entrepreneurs must consider various factors that impact long-term success and satisfaction.
Assessing Your Goals
Assess your personal and professional goals before diving into the world of franchising. Define specific objectives such as desired income levels, work-life balance, or community impact. Establishing these goals helps narrow down suitable franchises that align with your vision.
Identify your skills and interests to ensure compatibility with potential franchise options. For example, if you have a background in food service, consider restaurant franchises rather than retail ones. Evaluate the time commitment necessary for each opportunity. Some franchises demand full-time involvement while others may offer more flexible arrangements.
Determine financial expectations by analyzing how much money you want to invest in starting a franchise and what returns you expect over time. This evaluation aids in understanding which franchises fit within your budget and financial aspirations.
Researching Franchise Opportunities
Research plays a crucial role when evaluating a franchise. Start by gathering information on several potential opportunities that match your goals and interests. Use reputable sources like the International Franchise Association (https://www.franchise.org/) for guidance on industry trends and best practices.
Review the Franchise Disclosure Document (FDD) carefully since it contains essential details about fees, obligations, support systems, and financial performance data. Focus particularly on sections revealing initial investment costs, ongoing royalties, and sales figures from existing franchisees to assess profitability accurately.
Engage with current franchisees to gain insights into their experiences operating under the brand. Ask questions about daily operations challenges they face as well as successes they’ve had during their tenure with the franchise system.
Attend discovery days organized by franchisors where prospective owners can interact directly with company representatives alongside other candidates exploring similar opportunities. These events allow you to ask questions firsthand while networking with fellow entrepreneurs also considering various franchises.
Consider location requirements since customer accessibility impacts overall business success significantly; research demographics surrounding proposed locations thoroughly before making any commitments.
Review legal obligations outlined in contracts thoroughly; consult an attorney specializing in franchising if uncertain about terms or conditions presented therein—this step ensures compliance protects rights moving forward within this relationship structure between franchisor-franchisee partnerships effectively.
Financial Evaluation
Evaluating a franchise requires careful consideration of various financial aspects. Understanding the costs and fees involved in franchising helps ensure you make informed decisions.
Financial Evaluation
Financial evaluation forms the backbone of your franchise assessment. You must understand all associated costs, fees, and potential earnings.
Understanding Franchise Fees
Franchise fees typically include an initial fee paid to the franchisor for granting you the right to use their brand and system. This fee can range from $10,000 to over $50,000 depending on the franchise brand. Some franchises may charge ongoing fees for continued support and access to resources. Always read through the Franchise Disclosure Document (FDD) carefully as it outlines these fees clearly.
Additionally, consider other expenses like training costs which can be part of your upfront investment. Training programs might cost between $1,500 and $5,000 depending on the complexity of operations within that franchise.
Make sure to inquire about any additional marketing or advertising contributions required by the franchisor too; some brands require up to 5% of gross sales for ongoing marketing efforts.
Analyzing Royalty Fees
Royalty fees are recurring payments made by you as a franchisee based on your business’s revenue. These fees often fall between 4% and 8% of your total sales but can vary significantly among different franchises.
You should also determine if there are minimum royalty payments applicable regardless of sales performance—this could impact profitability early in your business journey. It’s important that you factor these expenses into your overall budget when evaluating a franchise opportunity.
Understanding how royalties affect cash flow is crucial; they represent a significant portion of ongoing costs that you will incur monthly while operating under this franchise model.
Estimating Startup Costs
Estimating startup costs involves calculating all initial investments before opening day including real estate purchase or lease agreements, equipment purchases, inventory acquisition, signage requirements, utilities connections setup cost estimates, and more.
Startup costs vary widely based on location type—starting from around $50,000 for smaller franchises up to several million dollars for larger brands with extensive infrastructure needs like fast-food chains or hotels requiring significant capital outlay upfront.
Include working capital in your estimations as well; having enough funds available during those first few months will help manage unexpected expenses while establishing customer relationships within local markets effectively.
Thoroughly review FDD sections related specifically toward estimated initial investment amounts along with detailed breakdowns provided therein so nothing gets overlooked!
Legal Considerations
The Franchise Disclosure Document (FDD) provides essential information about the franchise. In this document, you find details about costs, obligations, and rights associated with the franchise agreement. The FDD consists of 23 items that cover topics like financial performance representations and franchisor background.
Reviewing the FDD is crucial for understanding what to expect from your investment. Look for initial fees, ongoing royalties, and other costs that can impact your budget significantly. For instance, initial franchise fees can range from $10,000 to over $50,000 depending on the brand’s reputation and market presence.
Consider asking specific questions regarding any unclear terms in the FDD. Understanding these elements aids in making informed decisions about whether a particular franchise aligns with your goals.
Consult resources such as the Federal Trade Commission that provide guidelines on interpreting franchise documents.
Key Legal Terms To Know
Understanding key legal terms helps navigate the complexities of franchising effectively. Familiarize yourself with these essential concepts:
- Franchise Agreement
A legally binding contract between you and the franchisor outlining rights and responsibilities.
- Territory Rights
Defines where you can operate your franchise business; some agreements grant exclusive territories.
- Royalty Fees
Ongoing payments made to the franchisor based on sales—typically ranges from 4% to 8%.
- Initial Investment
Total amount required to start operating the franchise including equipment and supplies.
- Termination Clause
Outlines conditions under which either party may terminate the agreement; understanding this protects against unexpected closures.
- Transfer Rights
Specifies if or how you may sell or transfer ownership of your franchise unit.
- Intellectual Property Rights
Protects trademarks, logos, branding used by franchises—vital for maintaining brand identity.
- Indemnification Clause
States who is responsible for legal liabilities arising during operations; clarity here helps avoid potential disputes.
- Non-Compete Agreement
Prevents you from opening a competing business within a specified timeframe after leaving the franchise.
Understanding these terms assists in evaluating risks associated with each opportunity thoroughly before committing resources.
For more detailed explanations on important legal aspects of franchising consider visiting the International Franchise Association.
By reviewing both the Franchise Disclosure Document (FDD) carefully and familiarizing yourself with key legal terms associated with franchises, you position yourself better when evaluating different opportunities available in today’s marketplace.
Operational Evaluation
Operational evaluation focuses on understanding the support, training, and marketing strategies provided by the franchisor. This assessment ensures that you receive adequate resources and guidance for a successful franchise operation.
Assessing Support And Training
Evaluating support and training from franchisors plays a crucial role in your success. You gain access to various resources designed to help you manage daily operations effectively.
- Communication Channels: Identify how often and through what means the franchisor communicates with franchisees. Regular updates through newsletters or meetings can provide valuable insights.
- Initial Training Programs: Analyze the initial training programs offered by the franchisor. Look for comprehensive sessions covering key operational aspects like inventory management, customer service, and staff training.
- Ongoing Support: Investigate ongoing support mechanisms such as webinars, workshops, or one-on-one coaching sessions available after opening your franchise location.
- Field Support Visits: Check if field representatives conduct regular visits to offer hands-on assistance during critical times or challenges faced in your franchise operations.
- Resource Availability: Review any online portals or resource libraries that provide access to manuals, templates, and other essential materials needed for day-to-day activities.
By thoroughly evaluating these areas of support and training within a franchise operation, you position yourself better for managing challenges effectively while ensuring business growth.
Reviewing Marketing Strategies
Reviewing marketing strategies crafted by the franchisor provides insight into how well they attract customers to their brand. Understanding these strategies helps you align local efforts with broader promotional goals set by the franchisor.
- Brand Recognition: Assess how established the brand is in its market segment. A strong brand presence can lead to higher foot traffic and sales at your location.
- Marketing Materials Provided: Determine what marketing materials are supplied by the franchisor—such as brochures, signage, social media content—and evaluate their effectiveness in promoting products or services.
- National vs Local Campaigns: Understand whether marketing campaigns are conducted at national levels only or if there are opportunities for localized efforts tailored specifically for your community’s needs.
- Digital Marketing Strategy: Explore how well-equipped the franchise is regarding digital presence through websites and social media platforms that engage potential customers actively.
- Franchisee Involvement in Marketing Plans: Check if franchisees have input into advertising plans affecting local markets; this involvement can create more relevant promotions aligned with community preferences.
By carefully assessing these aspects of marketing strategies within your chosen franchise system, you’re empowered to execute effective tactics that relate directly back to driving sales while increasing overall visibility within your target market segment.
Performance Metrics
Understanding franchise performance metrics is essential for evaluating a franchise opportunity. Analyzing these metrics helps you make informed decisions about potential investments. Focus on key indicators that highlight the overall health and success of the franchise system.
Evaluating Franchise Success Rates
Success rates provide insight into how well a franchise performs over time. Look at historical data to understand failure and survival rates within the franchising model. The Federal Trade Commission (FTC) reports that around 20% of franchises fail within their first year, so analyzing those statistics helps set realistic expectations.
- Research industry averages: Compare success rates across different industries. Restaurant franchises often have varying success compared to retail or service-based franchises.
- Review Franchise Disclosure Documents (FDD): The FDD typically includes Item 20, which outlines the number of existing and closed outlets over a period.
- Engage with current owners: Speak with multiple franchisees to gather firsthand accounts of their experiences regarding challenges faced during operations.
- Consider market conditions: External factors such as economic trends can impact success rates significantly.
Understanding these factors allows you to gauge whether a specific franchise aligns with your business goals.
Understanding Average Sales Figures
Average sales figures represent another crucial metric when evaluating a franchise’s financial viability. This data indicates revenue performance across multiple locations and provides context for expected earnings in your potential investment.
- Analyze average unit sales: Review average unit sales reported in the FDD under Item 19, which showcases what each location generates yearly.
- Compare against competitors: Use this information to see how they stack up against similar franchises in your area or niche; this will guide expectations for your own sales performance.
- Evaluate sales growth trends: Look at historical growth patterns for each unit over recent years; consistent upward trends signal stability and demand.
- Factor in location specifics: Remember local demographics, competition levels, and regional economic conditions that may influence potential earnings.
By understanding average sales figures, you gain insights into possible profitability when investing in a particular franchise opportunity.
Key Takeaways
Making informed choices about evaluating a franchise requires careful consideration of performance metrics like success rates and average sales figures. Researching these aspects leads to better decision-making as you assess various opportunities available in today’s competitive marketplace.
For more detailed insights on financial aspects related to franchising, consider checking out resources from organizations like the International Franchise Association (IFA) or accessing comprehensive guides from authoritative sources like Franchising.com. These platforms provide valuable tools and templates designed specifically for aspiring entrepreneurs navigating through franchise evaluations effectively.
Talking To Current Franchisees
Talking to current franchisees provides direct insights into the franchise experience. Their feedback reveals valuable information about daily operations, support from the franchisor, and overall satisfaction.
Key Questions To Ask
- How long have you been with this franchise?
Understanding their tenure helps gauge stability and satisfaction levels within the franchise system.
- What attracted you to this franchise?
Discovering what motivated them can highlight key strengths or unique selling points of the franchise.
- What challenges have you faced since joining?
Learning about obstacles prepares you for potential hurdles in your journey as a franchisee.
- How supportive is the franchisor?
Assessing franchisor support sheds light on training programs, marketing assistance, and other resources available.
- What are your average sales figures?
Inquiring about performance metrics offers insight into revenue potential and business viability.
- Are there hidden fees?
Clarifying any unexpected costs prevents financial surprises down the line.
- How satisfied are you with the training provided?
Evaluating training quality indicates how well-prepared new franchisees feel upon starting their business.
- Would you recommend this franchise to others? Why or why not?
This question gauges overall sentiment towards the brand and its sustainability in the market.
- How effective is communication with corporate?
Learning about communication effectiveness helps determine if you’re supported in problem-solving efforts.
- What improvements would you suggest for new franchisees?
Gathering suggestions provides insights into maintaining success while avoiding common pitfalls experienced by others.
Evaluating Their Responses
Evaluating responses from current franchisees requires careful consideration of both positive and negative feedback. Focus on consistency across multiple conversations to identify common themes or issues that arise frequently among different owners.
- Record responses accurately for later comparison.
- Look for patterns in answers regarding support systems, profitability, and operational challenges.
- Take note of emotional tones; passionate endorsements often indicate strong brand loyalty while critical remarks may reveal significant concerns.
Analyze how each response aligns with your expectations based on prior research into that particular franchise opportunity:
- Consider personal experiences:
Relate their experiences to your own business goals or concerns; assess whether these alignments help inform decision-making processes effectively.
- Prioritize transparency:
Favor franchises where existing owners express openness about successes and struggles over those exhibiting reluctance to discuss shortcomings candidly.
- Weigh advice seriously:
Value constructive criticism regarding aspects like training programs versus positive testimonials highlighting robust financial returns—both perspectives carry weight when evaluating future prospects carefully.
- Recognize red flags:
Be cautious if several owners mention similar grievances without resolution offered by corporate leadership; persistent problems could signal deeper systemic issues within a given organization’s culture affecting overall success rates adversely over time!
Evaluating a franchise requires careful consideration and attention to detail. Here are some common pitfalls to avoid during this process.
Common Pitfalls To Avoid
Overlooking Total Costs
Many entrepreneurs focus solely on the initial franchise fee, neglecting other critical expenses. Understanding total costs is essential when evaluating a franchise. Consider these items:
- Initial Franchise Fee: This can range from $10,000 to over $50,000.
- Royalty Fees: Typically between 4% and 8% of revenue.
- Marketing Contributions: Ongoing fees for brand promotion.
- Training Costs: Expenses related to training staff and yourself.
- Equipment Purchases: Initial investments in necessary equipment or inventory.
Focusing only on the upfront costs can lead to financial strain later on. Make sure you include all potential expenses in your evaluation.
Ignoring Franchise History
Franchise history provides vital insights into its stability and performance over time. Considering franchise history helps ensure that you make an informed decision:
- Success Rates: Look for franchises with high success rates among their locations.
- Financial Performance: Review historical data regarding sales figures and profit margins from existing franchises as found in the Franchise Disclosure Document (FDD).
- Legal Issues: Research any past disputes or litigation involving the franchise, which may indicate underlying issues.
- Franchisee Turnover Rates: High turnover rates could signal dissatisfaction among owners.
Gathering information about a franchise’s past not only guides your decision but also prepares you for potential challenges ahead.
By avoiding these common pitfalls—overlooking total costs and ignoring franchise history—you position yourself for better outcomes in your journey toward becoming a successful franchise owner.
Troubleshooting
Evaluating a franchise involves numerous challenges. Understanding these challenges can help you make informed decisions.
Common Issues In Evaluating A Franchise
- Lack of Clarity on Costs
Franchise agreements often contain multiple fees, such as initial investment costs, ongoing royalties, and marketing contributions. Many new business owners overlook these hidden costs, leading to financial strain later on.
- Inadequate Research
Some entrepreneurs do not conduct thorough research when evaluating a franchise opportunity. This oversight can result in choosing a franchise that does not align with personal interests or market demand.
- Ignoring Franchise History
Failing to evaluate the historical performance of the franchise can lead to poor decision-making. Analyzing past success rates and turnover rates helps gauge future potential.
- Overlooking Support Structures
Not assessing the level of support provided by franchisors is a common mistake. Insufficient training and resources can hinder your ability to operate effectively.
- Emotional Decision-Making
Choosing a franchise based on emotions rather than facts may cloud judgment and lead to choices that lack strategic thinking.
- Neglecting Location Factors
Location plays a crucial role in the success of any franchise operation; many new owners fail to consider how location impacts customer accessibility.
- Misunderstanding Legal Obligations
The complexity of legal terms in franchise agreements often confuses new entrepreneurs, resulting in misunderstandings about rights and responsibilities.
- Limited Engagement with Current Franchisees
By not reaching out to existing franchisees for insights into their experiences, you miss obtaining valuable information that could inform your decision-making process.
- Failure to Assess Market Conditions
Ignoring current market trends or economic conditions can jeopardize your chance of success within the chosen industry or location.
- Not Consulting Professionals When Necessary
Many entrepreneurs skip consultations with experts like attorneys or accountants who could provide critical insights into evaluating financial aspects and legal obligations associated with franchises.
Solutions And Recommendations
- Detailed Cost Analysis
Conduct an exhaustive review of all costs associated with operating the franchise before making commitments.
- Review initial fees.
- Calculate ongoing royalties.
- Factor in additional expenses like training costs and equipment purchases.
- Thorough Research
Engage in comprehensive research using reputable sources when evaluating franchises.
- Check websites such as Franchise Direct for valuable information about various franchises available today.
- Read industry reports from organizations like IBISWorld focusing on specific sectors relevant to your target market.
- Investigate Franchise History
Analyze data regarding previous performance metrics related to success rates over time.
- Look at turnover rates among current owners as indicators of overall satisfaction within the system.
- Evaluate Franchisor Support
Assess what kind of support systems exist within each potential franchisor’s network before making decisions:
- Consider initial training programs offered upon joining the brand
- Evaluate available resources throughout daily operations
- Base Decisions on Facts
Keep emotions separate from evaluations by relying heavily on factual data gathered during research phases instead:
- Create lists comparing pros and cons for easier visualization
- Consider Location Carefully
Identify areas where customers frequently visit before committing:
- Perform foot traffic analysis around possible locations
- Understand Legal Obligations Thoroughly
Seek professional guidance when interpreting complicated contractual terms found within documentation:
- Consult reputable lawyers specializing in business law if necessary
8 . Connect With Existing Franchisees Directly
Reach out proactively through social media platforms or local networking events organized by associations dedicated specifically towards franchising matters:
9 . Market Assessment
Stay updated about changing dynamics impacting industries through subscribing newsletters published by credible institutions like Statista which offers statistical insight across various sectors:
10 . Professional Consultation
Prioritize consulting professionals whenever uncertainties arise regarding finances or other complex issues tied explicitly towards running business entities successfully:
Conclusion
Evaluating a franchise can be daunting but taking the right steps makes all the difference. By thoroughly researching options that align with your interests and assessing financial performance, you’re setting yourself up for success. Engaging with current franchisees provides real-world insights that are invaluable in understanding the day-to-day operations.
Don’t overlook the importance of evaluating support systems and marketing strategies offered by franchisors. This knowledge helps you navigate challenges effectively while ensuring your business thrives. Remember to keep an eye on performance metrics and historical data to gauge potential success accurately.
By approaching your franchise evaluation methodically, you’ll empower yourself to make informed decisions that lead to long-term satisfaction and profitability in your entrepreneurial journey.
Frequently Asked Questions
What are the main challenges entrepreneurs face when considering franchises?
Entrepreneurs often feel overwhelmed by the many choices and risks involved in franchising. Approximately 20% of franchises fail within their first year, making it crucial to make informed decisions based on brand reputation, financial performance, and support systems.
How can I evaluate a franchise opportunity effectively?
To evaluate a franchise opportunity, research options that align with your interests and skills, analyze the Franchise Disclosure Document (FDD) for financial performance, assess brand reputation through current franchisee experiences, and review legal obligations for compliance.
What is the Franchise Disclosure Document (FDD)?
The FDD is a legal document that provides essential information about a franchise’s costs, obligations, rights, and terms. It’s vital to review this document carefully to understand initial fees, ongoing royalties, and other costs associated with operating the franchise.
How important is location when choosing a franchise?
Location is crucial as it impacts customer accessibility and potential sales. Entrepreneurs should consider market conditions in their chosen area and ensure that the location aligns with the target audience’s needs for optimal success.
What types of franchises exist?
Franchises generally fall into four categories: product distribution franchises (selling products), business format franchises (providing a complete business model), manufacturing franchises (producing goods), and service franchises (offering services). Each type has unique requirements and expectations.
Why should I talk to current franchisees before investing?
Talking to current franchisees offers valuable insights into daily operations and challenges. Their firsthand accounts can help you gauge satisfaction levels with franchisor support while identifying potential red flags or common issues within the franchise network.
What common pitfalls should I avoid when evaluating a franchise?
Avoid overlooking total costs beyond just the initial fee—consider ongoing royalties, training expenses, marketing contributions, equipment purchases—and also investigate the franchise’s history regarding success rates and turnover rates among existing owners.
How can financial evaluations impact my decision-making process?
Understanding all associated costs—initial fees, ongoing royalties—and estimating startup expenses helps create an accurate budget for your investment. Analyzing these factors ensures you set realistic expectations regarding potential earnings from your chosen franchise.
What role does emotional decision-making play in franchising?
Emotional decision-making can lead entrepreneurs to overlook critical details or rush into investments without thorough research. It’s essential to approach evaluations objectively by conducting detailed analyses of costs and engaging with existing franchisees for balanced perspectives.
Where can I find reputable resources for evaluating franchises?
Reputable sources include organizations like the International Franchise Association (IFA) which provide tools, articles, guidelines on best practices in franchising as well as access to industry insights that aid in comprehensive evaluation processes.