Franchising your business is without doubt a viable route to substantial growth. However, becoming a franchisor is not a guarantee that you will achieve success, especially in this challenging economy. So, if you are looking to franchise your business, you must understand that the process can be quite daunting and will come with considerable cost.
Franchising is a type of agreement that involves reproducing a successful business model across numerous locations. As the business owner and franchisor, you will have to create a franchise agreement to start the process. Note that this agreement lets franchisees acquire certain rights to your intellectual property, supply chain networks, training systems, and more primarily to open and run a new location for your business.
As a franchisor, you have to understand that your success depends upon your ability to guarantee success for your franchise partners. To help inspire you and assist with navigating this ever-changing space, below is a list of some of the best franchise operations books available.
Best Books on Franchising your Business
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Franchise Bible by Michael J. Katz and Rick Grossman
If you find yourself unsuccessful with the paperwork side of owning a business, then you should consider this book by attorney Michael J. Katz and franchise expert Rick Grossman. This book will clear your doubts and teach you years of insight on how to master documents, arrange like a pro, and launch/run a successful franchise.
This book also features very valid sample franchise documents, checklists, and tips. The Franchise Bible also covers very important information that all franchise owners will benefit from, straight from the mouths of renowned experts.
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Five Pennies: Ten Rules to Successfully Build a Franchise Mega-Brand and Maximise System Profits by Lonnie Helgerson
Reports have it that every year thousands and thousands of new entrepreneurs join the franchise train and announce their plans to be the next McDonald’s. Aside from the initial legal work, basic operations manual, some training, and a fancy logo to get started, it is really important to understand what it takes to build a successful franchise brand.
Note that you can grasp the ten success secrets of America’s greatest franchise brands to tactically grow your company into a franchise Mega-Brand. Within the book, you will always find the franchise Mega-Brand examples that describe the road rules for successful franchising.
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Millennial Millionaire
Truth be told, the millennial generation is most often misunderstood; however, as a franchise owner, you may find yourself working with these individuals. Millennial Millionaire is one very important book that helps business owners understand the beliefs, lifestyles, and priorities of this generation. It also explains in very vivid detail solid financial strategies that are very beneficial for any age.
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Franchising Exposed by Chris Gibson
Whether you are looking to purchase a franchise or franchise your business, this is one book to consider as it can help you make the right decisions. It goes into detail and provides very valid advice for franchisees and franchisors to ensure that both sides can understand how to get the best from the franchise partnership.
Chris Gibson is well renowned in the global franchise industry, boasting at least 15 years of experience. There isn’t anything he cannot comprehend about operating a successful franchise business, or what those thinking about buying a franchise should consider.
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Mastering the Rockefeller Habits 2.0
Note that the original best-selling book “Mastering the Rockefeller Habits” was first released decades ago. “Mastering the Rockefeller Habits 2.0” remains the first major revision of this classic business book written by Verne Harnish. Have it in mind that this book is meant for everyone, whether you’re a front-line employee or a business owner.
According to reviews, this book focuses on getting everyone in line to guarantee the growth and success of a company through practical techniques and ideas. From scaling $10 million to $1 billion and beyond, this is one of the best books to read as a franchisor.
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The E-Myth Revisited, by Michael E. Gerber
Agreeably, there are numerous myths when it comes to establishing a company and being a successful entrepreneur. Michael E. Gerber helps to demystify or expose each myth while also guiding you through the real-world steps of starting a business, and demonstrating how ordinary beliefs may stand in the way of success.
Note that this is well written and also shows how you can apply franchising principles to any company. The E-Myth is a wonderful book to read if you intend to have a good understanding of how to work for your company and become a successful entrepreneur in today’s world.
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Grinding It Out, by Ray Kroc
Ray Kroc is noted as the businessman who established McDonald’s restaurants all over the globe. Note that his mind-blowing franchise success, his innovations in food-service automation, franchising, training, and advertising have put him in high esteem among business people who have not just built companies, but massive empires.
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Street Smart Franchising, by Joe Mathews
Another very good book to read, franchise specialist, Joe Mathews gets you ready for success in franchising by making available an insider’s perspective of how franchising works. Note that this book in great detail explains the real-world techniques and ideas that could help you to determine whether franchising your business is the right thing to do.
This book is known to be quite advanced and it assumes you are very conversant with the concept of franchising. It also assists you in evaluating yourself to discover the type of franchising that aligns well with your goals and dreams.
If you intend to keep up with the latest strategies and innovations and have a good understanding of the ins and outs of owning a business, consider reading these books (all written and rated highly by top business leaders) noted above. Aside from helping to get you ready for the daunting process associated with franchising your business, they will also help get you on your way to achieving business success.