A crucial step before becoming a franchisee is to invest quality time into researching the industry. You’d be surprised how many people decide to skip this step! We’ve put together a list of the top ten books you should read when thinking about Franchising. No, you don’t have to read all ten, but each one has its own advantages.
If you are considering buying a franchise (or if you’re thinking of franchising your own business) these books are a terrific way to get started on your franchise journey.
1 Franchising for Dummies by Michael Seid and Dave Thomas
Like all of the other books in the Dummies series, Franchising for Dummies presumes that its reader has zero knowledge about the franchise industry and works from that point. Franchising for Dummies also has the benefit of being co-written by Wendy’s founder Dave Thomas, who started one of the biggest fast food in the United States. Franchising for Dummies skews towards promoting the pros of franchising rather than talking about the disadvantages, but it still contains a very helpful breakdown of the process.
2 The Educated Franchisee by Rick Bisio
Bisio’s book, the most recent edition of which was published in 2011, has the rare combination of being a quick read while also containing lots of specific technical advice. The writing is clear and concise and the advice is right to the point and extremely practical. The Educated Franchisee will help you figure out if franchising is right for you, and if so will help you sort through all the research associated with the process and cut straight to what you should really be looking at. Part one helps you decide if buying a franchise is right for you. Part two gives you all the tools you need to evaluate whether the buying of a particular franchise will work for you. And part three focuses on practical advice for franchise ownership.
3 The Franchise Handbook: A Complete Guide to All Aspects of Buying, Selling or Investing in a Franchise by Co Atlantic Publishing
This is a terrific resource for both prospective franchisees and franchisers as it explains in detail what the franchise system entails and the precise benefits it offers to both parties. You will learn franchising advantages and disadvantages, how to develop or purchase a winning concept, how to choose a business franchise that fits your personal style and financial goals, how to develop forecasts and budgets, and how to estimate startup costs. The book also covers managing daily operations, attracting and keeping customers, hiring employees and training staff, securing financing, legal agreements, offerings, markets, real estate, cost control, marketing, international franchising, as well as federal and state franchise regulations.
4 Franchising 101: The Complete Guide to Evaluating, Buying and Growing Your Franchise Business edited by Ann Dugan
Renowned professionals from both the Association of Small Business Development Centers and the American Association of Franchisees and Dealers get together to combine their experience and know-how, and marshal an easy to read and follow informative source of information about how to buy and operate a franchise business. This new, definitive guide provides clear, concise explanations of the issues involved in finding, buying and ultimately operating and growing a successful franchise business. Ann Dugan is Executive Director of the Institute for Entrepreneurial Excellence, which encompasses the Small Business Development Center, the Entrepreneurial Fellows Center, and the Family Enterprise Center at the University of Pittsburgh, Katz Graduate School of Business. Ann has been actively involved in the franchising industry for many years, initially as a franchisee and later moving into research, analysis and education of the public.
5 Franchising Exposed by Chris Gibson
Whether you are considering buying a franchise, or franchising your business, this book explains how to make the right decisions. It provides essential advice for franchisees and franchisors so both sides can understand how to get the best from the franchise partnership. Chris Gibson has been at the forefront of the global franchise industry for over 10 years. There isn’t anything he doesn’t know about operating a successful franchise business, or what those thinking about buying a franchise should consider.
6 How To Franchise Your Business – Grow your business by creating and managing a franchised network by Brian Duckett and Paul Monaghan
Two of Britain’s most experienced franchise consultants provide a practical step-by-step guide for businesses who want to consider franchising as a way of growing into a national or even multinational network. As principals of Britain’s largest franchise consultancy, The Franchising Centre, they have called on their long experience of guiding hundreds of clients successfully through the process of setting up and piloting their first franchise units through to establishing a UK network and in some cases going on to franchise internationally. They point out that franchisors tend to be very open about how they operate and are happy to share their experiences of both the good and bad times. This has enabled the authors to produce a book that can help both prospective and practising franchisors at any stage in developing their system to avoid the heartaches and costly mistakes that can occur.
7 Franchise Fraud: How to Protect Yourself – Robert Purvin & Robert L Purvin Jr
Not to be negative about your journey but this is a book advising potential franchise owners of all the inherent risks and obstacles in owning a franchise. The book’s author is an attorney who spent much of his career working for franchisors. He explains the way franchisors sell franchises and breaks down the myths franchisors might create to make franchises seem more attractive than they actually are. Any potential franchisee should give this book a read before making any final decisions.
8 The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E Gerber
In this new and updated version of his bestselling The E-Myth, Michael Gerber dispels the myths surrounding starting your own business and shows how common ideas and beliefs can get in the way of running a business. Gerber will walk you through the normal steps in the life of a business from entrepreneurial infancy, through adolescent growing pains, to the mature entrepreneurial perspective. He also shows how to apply the lessons of franchising to any business whether or not it is a franchise. Gerber is really good on the often disregarded distinction between working on your business and working in your business.
9 Five Pennies: Ten Rules to Successfully Build a Franchise Mega-Brand and Maximise System Profits by Lonnie Helgerson
Every year literally thousands of new franchisees open their doors for business and announce their plans to be the next McDonald’s. Beyond the initial legal work, basic operations manual, some training and a fancy logo to get started, what does it really take to be a successful franchise brand? Learn the ten success secrets of America’s greatest franchise brands on how to strategically grow your company into a franchise Mega-Brand. Throughout the book, don’t miss the franchise Mega-Brand examples that illustrate the road rules for successful franchising.
10 Franchise: Freedom or Fantasy? By Mitchell York
How do know if a franchise is right for you? Mitchell York discusses how owning a business can have a massive impact on your existing life and lifestyle. Simply starting a business that is a franchise does not ensure success. It is important to know how to discover if you have what it takes to succeed as a franchise owner, what to avoid when purchasing a franchise, and ways to find capital to start up your franchise.