Starting a business is a huge decision. Even if you decide to get a head start and join a franchise, you are taking a big risk. That’s why it’s always preferable to get some help when you’re taking this leap. Your franchise broker will obviously help you out and whatever franchise you join will lend you support, but before you even get to that point, you can do some reading on the trials and tribulations of franchising to get yourself prepared for the journey ahead.
Here are five books (in alphabetical order) that can get you started with your franchising adventure:
You’re probably familiar with the Dummies series of books. It contains a wide range of how-to books that all start with the premise that the reader has no prior knowledge of the subject, effectively making that reader a “dummy” when it comes to the subject at hand. If you have never even looked into franchising before, this book could be extremely helpful for you.
You may recognize the name Dave Thomas as the co-founder of one of the most famous franchises in North America: Wendy’s. Like all the books in the Dummies series, this one is written to be as easy to follow as possible. It addresses how you can evaluate yourself to see if becoming a franchise is right for you and it also goes through the processes of evaluating a franchise, purchasing a location, running that location and even selling it. For rank beginners, Franchising for Dummies is a superb introduction.
This book has a specific focus, as alluded to in the title. Written by a franchise lawyer, Franchise Fraud gives readers an inside look into some of the more unsavoury aspects of franchising. Not meant to scare you, the book is rather meant to educate you about the various tricks franchisors use to make franchises more attractive to potential franchisees and explore some of the pitfalls of franchising. If you’re thinking of buying a franchise, this book is an excellent read so you go into the experience as knowledgeable as possible.
Easy to read, this book takes a more in-depth approach to researching a franchise opportunity with a six-step investigative process to follow when researching a franchise. A great companion book for getting started, it offers a frank assessment of both the benefits and drawbacks to owning a franchise business. If you’re not at all sure how to get started with the vetting process, Street Smart Franchising can help you with this crucial part of franchise ownership. Mathews, DeBolt and Percival make the entire process simple to follow.
In its third edition, Bisio’s book, written with help from Mike Kohler, is the double whammy of being a relatively quick read -- it’s only about 245 pages -- but being packed with detailed technical advice.
The Educated Franchisee gives you information on how to find a franchise that is right for you, how owning a franchise can create wealth for you and how to make sure your franchise makes a profit. It also goes over where to find quality franchisors, what qualities franchisors look for in a franchisee, how to gather information from franchisees and how to confidently select the best franchise advisors to help you along the way. In addition to that, it also gives you five keys to long-term success as a franchise.
Don’t let the “MBA” fool you, this is an easy book to read that will give you a comprehensive overview of franchise ownership. Broken into four segments, it uses expertise and experience to shepherd you through these four segments, which include: 1. The Introspective Self 2. The Franchisor 3. The Franchisees 4. The Legal and Financial. For a structured take on the franchise vetting process, The Franchise MBA can be incredibly helpful.
After you’ve read one of these helpful books (or even two or three of them), increase your franchising knowledge even further with FranNet. We can help you find the perfect franchising fit and take you through the steps of vetting and choosing a franchise that will put you on the path to success. Sign up for a free FranNet franchise search and consultation today and let us help you on your way to business ownership.