Recent changes to Australia’s Franchising Code of Conduct bring into focus the need for potential franchisees worldwide to invest in education before committing to a franchise opportunity.

Experts in the country believe that a renewed commitment to education could reduce possible conflicts by making sure individuals who determine that a franchise is right for them have done so after careful consideration, enabling a great percentage of potential business failures to be averted, SmartCompany reports.

The emphasis on education is intended to demystify what can often be as emotional an experience as buying a house or a car, the Web site writes. However, those purchasing a franchise needs prior knowledge to manage the risks involved.

Too often, potential franchisees focus on potential outcomes rather than developing a tangible and necessary business plan, the site claims.

The U.S. Federal Trade Commission provides a list of questions for potential franchisees to ask before committing themselves, including determining whether the level of income necessary to operate is feasible and how the operation will be staffed.

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