Instead of pursuing his MBA education after graduating in the USA, Herman recounts what inspired him to take the unconventional route of investing in a franchise business more than 20 years ago.

In the business world, just about any type of business can be franchised, categorized and trained to operate. Licensing on the other hand, is commonly misunderstood. Herman shares his views on the misconception and explains the five major types of franchises people can pick up as a business.

Like most industries, franchising has its own language. According to Herman, if you want to be in the franchise business, you need to know what are the most commonly used terms and questions to ask before you step into this industry. 

In an industry that’s rich in opportunities, comes with risks that many people get blindsided to. In this lesson, Herman goes on to share more important terms and clauses to pay attention to.

Herman introduces his philosophy on choosing a good franchise that goes beyond just research or financial questions. He draws on his experience in picking up his first franchise and shares his views that contribute to a successful venture.

Herman believes a successful franchise venture begins with the right financial strategy. Here, he discusses several financing options and shares valuable tips to watch out for.

One of the biggest misconceptions is the parent company does all the work to get things started. Herman covers in great detail what does into your business plan before you decide to buy into a franchise.

Like any business, starting a franchise can be an exciting prospect. But understanding your legal rights as a franchisee is not to be taken lightly. In this lesson, Herman outlines the key components to watch out for in a franchise agreement; including how they work, before you secure any deal. 

Not all great businesses make great franchisors – it’s a different game that demands a different set of skills and qualities. Herman shares his thought process on evaluating your business for franchisability.

Franchising is a proven way to grow your business exponentially. But to catch the right timing is critical to success. As a successful franchisor, Herman discusses what are the key areas to evaluate before deciding to franchise your business.

As franchising is a two-way business arrangement, Herman relates through his experience on making sure that franchisees and franchisors are aware of the specific challenges and know exactly what it takes to succeed.