Are you new to franchising and wondering what all the lingo, jargon, acronyms and abbreviations mean? You’re not alone!
I think the first question most people have is why abbreviations (abrv) are so important. In my opinion, (IMO) I think their importance lies mostly in being able to recall longer sets of information by, instead, recognizing a shorthand to have the same meaning.
What I mean by this is that by creating a shorthand, we save ourselves time and energy each time we have to reference that larger set of information. Understanding this jargon also gives people a sense of belonging and, as social beings, we all want to belong to something.
We all use different shorthand in our daily lives, and now that you’re looking at franchising becoming part of your daily life, we need to spell out the short hands that you want to incorporate into your daily life in franchising.
Here are some of the most common abbreviations and thereby short hands that you will find yourself spouting out of your mouth before you know it.
This should not be considered an exhaustive list. It may actually create more questions for you instead of answer some questions as well. Like, what is a Point of Service? Or, when would I use a Letter of Intent?
If you have questions, we have answers.
Shelton Law & Associates is a full service franchise law firm, who offers outsourced in-house counsel for their Franchisor clients, and swift targeted counsel for their Franchisee owners. Shelton Law is best known as speakers at various franchise expos and training facilities and their flat fee pricing structures since 2008. www.SLA.Law