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Key Takeaways Becoming a franchisee involves learning a significant amount of industry-specific information and terminology, which can be overwhelming for newcomers.
This article serves as an essential explainer for the most common franchise-related acronyms.
Give yourself grace and educate yourself at your own pace rather than trying to master everything immediately.
When aspiring entrepreneurs decide to take that proverbial leap of faith and choose franchising as a means to become their own boss, it can obviously be an overwhelming time.
So much information is available. So many different franchise concepts to choose from, with over 3,500 in today’s marketplace. So many business models to review. So many different avenues for seeking help in the form of assistance from industry experts, such as franchise consultants, brokers, attorneys and financial planners. And so many franchise-related acronyms that get tossed around so freely during conversations.
Wait, what was that last one again? Well, as they say … IYKYK.
In all seriousness, many newcomers to the franchise investigative process can easily be overwhelmed by the sheer number of acronyms that are associated with some of the industry’s most common phrases. But take heart, as this article promises to be the essential explainer for all franchise-related acronyms.
We’ll even do our best to categorize them into specific groups where you’re most likely to encounter them. Examples include acronyms in the legal process, franchise development and sales, financial metrics, and the areas of operation and support. In each instance, acronyms will be featured in bold type, so let’s go ahead and get started.
Common acronyms for industry and associations
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