🕒 7 min read
A crucial step before becoming a franchisee is to invest quality time in researching the franchise industry. To help with this process, we’ve put together a list of the top ten books about franchising. From the investing process to running the business, these books cover it all.
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. 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 franchises in the United States. Franchising for Dummies skews toward 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: Find the Right Franchise for You by Rick Bisio
The Educated Franchisee, the most recent edition of which was published in 2017, has the rare combination of being a quick read while also containing a lot 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 MBA: Mastering the 4 Essential Steps to Owning a Franchise by Nick Neonakis
Written by a respected franchise industry veteran, The Franchise MBA explains the four critical steps to finding the ideal franchise for you. By looking at The Introspective Self, The Franchisor, The Franchisees, and The Legal and Financial, The Franchise MBA guides you through the franchise section process by giving you the tools you need to pick the right franchise for you. Nick Neonakis combines insights from respected franchise leaders and his own thorough understanding of franchising to create this comprehensive franchise guide.
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. Franchising 101 is a definitive guide that provides clear, concise explanations of the issues involved in finding, buying and ultimately operating and growing a successful franchise business. Editor 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. Franchise Bible: How to Buy a Franchise or Franchise Your Own Business by Rick Grossmann
Franchise Bible is an insder's guilde to buying a franchise or franchising your own business. Franchise expert Rick Grossmann teamed up with franchise attorney Michael J. Katz to create the newest edition of Franchise Bible, imparting decades-worth of insight and advice on franchising success. Franchise Bible helps prospective franchisees determine if franchising is right for you, identify the signs of a good franchise opportunity, and navigate the tricky world of Franchise Disclosure Documents (FDD) and agreements. The guide also helps prospective franchisors pick the best method of expanding your business, understand the keys to franchising success, and evaluate potential franchisees.
6. Brick & Mortar Franchise Success: Know the Costs or Pay the Price by Carolyn Miller
Location is one of the most important aspects of starting your business. What you don't know about the real estate game could be a costly lesson once you've signed a lease. For that reason, Carolyn Miller, who has years of success in real estate for franchises such as McDonald's, Red Robin, Cici's Pizza, and Carl's Jr./Hardee's, has put together Brick & Mortar Franchise Success to help franchisees get brick and mortar franchise locations open without making costly mistakes. Brick & Mortar Franchise Success takes the guesswork out of the development process so that franchisees know exactly what it takes to open a new location.
7. The Franchise Fraud: How to Protect Yourself Before and After You Invest by Robert Purvin and Robert L. Purvin Jr.
Fraud is a real risk when scoping out potential franchise opportunities. The Franchise Fraud advises 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 and to avoid becoming a victim of franchise fraud.
8. The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
In this 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 Maximize System Profits by Lonnie Helgerson
Every year, 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? Five Pennies teaches you the ten success secrets of some of the greatest franchise brands, including 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?: How To Know If A Franchise Is Right For You After Your Corporate Career By Mitchell York
How do know if a franchise is right for you? In Franchise: Freedom or Fantasy?, 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 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. Break free of the corporate world with this comprehensive guide to franchising.