Franchise Your Business Book Summary - Franchise Your Business Book explained in key points

Listen to the Intro

00:00

Franchise Your Business summary

Name: Franchise Your Business
Rating: 4.7 (26 reviews)
Author: Mark Siebert

Mark Siebert

The Guide To Employing The Greatest Growth Strategy Ever

4.7 (26 ratings)

16 mins

Brief summary

'Franchise Your Business' by Mark Siebert is a must-read for entrepreneurs wishing to systematize their business. Siebert's expert franchise advice, tips and examples will guide you through creating a successful business franchise.

Topics

Entrepreneurship Investments

Table of Contents

Franchise Your Business
Summary of 7 key ideas

Audio & text in the Blinkist app

Key idea 1 of 7

What’s in it for me? Learn about the franchising path to success.

You probably already know that restaurants such as McDonald’s and Subway or the convenience store 7-Eleven are franchise businesses. But do you know what exactly this entails?

More importantly, would a franchise be the right option for you if you were to expand your business? After all, franchising is only one of many options.

These blinks will help you to figure out if franchising is the right step for your business pursuits. They’ll outline the key advantages of franchising, while also offering some insights as to why not all businesses will work as franchises.

In these blinks, you’ll also discover

why franchisees tend to be very committed managers;
why barbecue businesses in the United States usually aren’t franchises; and
three possible ways to structure your franchise business.

Franchises are built on mutually beneficial relationships between business owners and their franchisees.

When it comes to modern business, franchise structures are everywhere. Many businesses today increase their market share and expand across new areas by creating a franchise.

So what is a franchise exactly?

A franchise is a partnership between a franchisor and a franchisee. A franchisor is typically someone who already owns a thriving business. Franchisors create a contract that allows another party, the franchisee, to copy and use the existing business model. And with that, a franchise is born!

Hold on, you might be thinking – why would any aspiring business owner want to join a franchise? After all, wouldn’t it be more exciting to create a unique business of one’s own? Sure! But starting your own business, as we all know, is tough. Becoming a franchisee, on the other hand, has a lot of perks that make those difficult first stages easier.

Franchisees can take advantage of the franchisor’s brand, trademark and customer base, rather than having to build up their own from scratch. Franchisees also benefit from the training provided by the franchisor, helping them set up and run the business as smoothly as possible. Plus, franchisors provide ongoing support in challenging areas, including finance and operations. This way, franchisees can hit the ground running and get their branch off to a great start.

Of course, franchisors don’t take care of everything for the franchisee. Franchisees invest their own money and are responsible for all loans taken to open up the new branch. They’re also expected to pay a certain percentage of their sales to the franchisor and buy supplies, from ingredients to branded equipment, from them as well.

Expanding through franchising has several advantages over simply opening new company-run units.

If you’ve got a great business on your hands and are ready to take the next step, what are your options? Business owners looking to expand might think about opening another business unit operating under their own management – but this can be expensive and time-consuming. Franchising offers a more cost-effective alternative to growing your business. Let’s take a closer look at three key advantages.

First off, franchises require less money to get started. To set up another company-owned business unit, you’ll need capital. To get the funds you need, you’ll find yourself grappling with banks to set up increasingly expensive loans, or struggling to win the attention of investors in equity markets.

To become a franchise, businesses must show promise to franchisees and have a reproducible model.

We now know that franchising has a whole host of benefits. But when deciding to start a franchise, there are a few more factors to consider. The truth is that not all businesses make good franchises – so how can you tell whether it’s worth becoming a franchisor or not?

There are two essential conditions that any business hoping to jump into franchising needs to have covered. First, your business must look promising to franchisees.

Before starting your franchise, consider whether it suits your future and personality.

Making your business into a franchise is no easy task. It takes a lot of effort to build up a winning franchise system, and this should fit into your plans for the future, both professionally and personally.

Start by asking yourself where you want to be with your business five years down the line. Do you still plan on running it, or do you hope to have sold it by that time?

Great franchises are founded on solid plans and fitting structures.

There are over 3,000 franchise companies active in the US market today. So what does this mean for you? Well, put it this way: the days when a bright idea was enough to make a load of money through franchising are gone. Nowadays, a well-defined franchise plan is what will ensure your business’s survival.

A franchise plan should outline how you envision working with your franchisees. It’s vital that you have a fixed set of rules to follow – this will help you stay on the right track and keep your franchise relationships strong. Like any good plan, your franchise plan must include goals, as well as the steps you need to take to achieve them.

Quality control is essential to upholding your brand values across branches.

Franchisees are a little different from your garden-variety managers. You can’t fire them easily and you can’t control how they run their business as much as you’d hope. Because of this, you need to ensure your brand gets the protection it needs.

How? By creating a quality control system.

Ensure long-term success for your franchise through honesty, feedback and communication with franchisees.

With all this talk of business standards and quality control behind us, it’s time we take a closer look at the human side of franchises. A great relationship with franchisees is essential to your business’s success and growth – and it all starts with healthy communication.

When establishing relationships with franchisees, roles should be clearly defined. They should know where they stand and feel comfortable with the fact that you’re there to protect the brand and supervise your network of franchisees.

Want to see all full key ideas from Franchise Your Business?

Key ideas in Franchise Your Business

More knowledge in less time

Read or listen

Get the key ideas from nonfiction bestsellers in minutes, not hours.

Find your next read

Get book lists curated by experts and personalized recommendations.

Shortcasts ^New

We’ve teamed up with podcast creators to bring you key insights from podcasts.

What is Franchise Your Business about?

Franchise Your Business (2016) reveals the ins and outs of setting up a business franchise. From winning over franchisees to ensuring your brand’s quality across branches, these blinks are a practical guide to franchising, helping you to scale up your business with a powerful growth strategy.

Franchise Your Business Review

Franchise Your Business (2016) is a comprehensive guide to successfully expanding your business through franchising. Here's why this book is worth reading:

It provides practical, step-by-step instructions on how to franchise your business, allowing you to tap into new markets and increase your brand's reach.
With real-life case studies and examples, the book offers valuable insights into the challenges and rewards of franchising, helping you make informed decisions.
By outlining key legal and financial considerations, it ensures you have a solid foundation for building a successful franchise, minimizing risks and maximizing profits.

Best quote from Franchise Your Business

And while it is not right for everyone, franchising is, without a doubt, the most dynamic growth vehicle ever invented.

—Mark Siebert

Who should read Franchise Your Business?

Business owners looking for ways to grow their brand
Managers curious about the inner workings of franchise owners
Anyone interested in classic business strategies

About the Author

Mark Siebert is an expert in franchising and founder of iFranchise Group, which specializes in franchisor relationships. Throughout his career, he has worked with companies like McDonald’s, Subway and Nestlé. He has also worked as a lecturer at Northwestern University and the University of Chicago.

Categories with Franchise Your Business

Entrepreneurship

Book summaries like Franchise Your Business

Narconomics

Tom Wainwright

How to Run a Drug Cartel

Say Less to Get More from Any Pitch or Presentation

Philosophical Insights on Death

4 min

4.1

Zero Sugar / One Month

Becky Gillaspy

Reduce Cravings - Reset Metabolism - Lose Weight - Lower Blood Sugar

The Formula for Sustained High Performance in All Phases of Your Life

17 min

4.3

The Science of Storytelling

Will Storr

The scientific underpinnings of a good story

21 min

4.2

Raising Mentally Strong Kids

Amen MD Daniel G. & Charles Fay

How to Combine the Power of Neuroscience with Love and Logic to Grow Confident, Kind, Responsible, and Resilient Children and Young Adults

The 33 Laws of Business and Life

A Philosophical Masterpiece on the Boundaries Between Good and Evil

The Art of Persuasion from the World of Espionage

How to Boost Your Sex IQ and Own Your Pleasure

What Killed Capitalism

17 min

4.1

The Five Dysfunctions of a Team

Discipline Equals Freedom

The One Minute Manager

Ken Blanchard and Spencer Johnson

Increase Productivity, Profits and your own Prosperity

The Six Killer Apps of Western Power

Turning Mistakes Into Stepping Stones For Success

14 min

4.5

The Startup Lifecycle

Gregory Shepard

The Definitive Guide to Building a Startup from Idea to Exit

18 min

Breaking The Habit of Being Yourself

Joe Dispenza

How to Lose Your Mind and Create a New One

16 min

4.5

Rich Dad’s Retire Young Retire Rich

Robert T. Kiyosaki

How to Get Rich Quickly and Stay Rich Forever!

22 min

4.5

The 12 Traits of the Greats

Dave Martin

Mastering The Qualities Of Uncommon Achievers

Find Your Focus, Master Distraction, and Get the Right Things Done

A Revolutionary Approach to Inbound Sales, Content Marketing, and Today's Digital Consumer

The secrets of 40 millionaires' wealth, revealed

An Indigenous Vision for Seeking Wholeness Every Day

19 min

3.4

Secrets of the Millionaire Mind

T. Harv Eker

Mastering the Inner Game of Wealth

Common Stocks and Uncommon Profits and Other Writings

Philip A. Fischer

Improve your investment strategy

18 min

4.2

Duct Tape Marketing Revised and Updated

John Jantsch

The World’s Most Practical Small Business Marketing Guide

How To Think Different, Curate Ideas & Predict The Future

A Radical Psychology of Investing, Trading and Risk

How to Save Our Health, Our Economy, Our Communities, and Our Planet – One Bite at a Time

26 min

4.5

A More Beautiful Question

Warren Berger

The Power of Inquiry to Spark Breakthrough Ideas

14 min

4.1

The One Hour Content Plan

Meera Kothand

The Solopreneur’s Guide to a Year’s Worth of Blog Post Ideas in 60 Minutes and Creating Content that Sells and Hooks

Timeless reflections in defense of Christianity

Prevent and Reverse Type 2 Diabetes Naturally

Machiavelli's classic text on leadership and politics

24 min

4.5

Negotiation Made Simple

John Lowry

A Practical Guide for Making Strategic Decisions, Finding Solutions, and Delivering the Best Deal

16 min

4.5

The Richest Man in Babylon

George S. Clason

Now Revised and Updated for the 21st Century

How Constant Innovation Creates Radically Successful Businesses

18 min

4.6

I Never Thought of It That Way

Mónica Guzmán

How to Have Fearlessly Curious Conversations in Dangerously Divided Times

17 min

4.1

No More Mr. Nice Guy!

Robert A. Glover

A Proven Plan for Getting what You Want in Love, Sex, and Life

Life, Liberty, and the Pursuit of Entrepreneurship

Mastering Search Engine Optimization

19 min

The Stoic Path to Wealth

Darius Foroux

Ancient Wisdom for Enduring Prosperity

15 min

4.4

The Book of Joy

Dalai Lama and Desmond Tutu

Lasting Happiness in a Changing World

21 min

4.6

Emotional Intelligence Habits

Travis Bradberry

Change Your Habits, Change Your Life

Contemplations on Affection, Friendship, Eros & Charity

Find Your Voice. Build Your Brand. Live Your Dream.

19 min

4.0

People ❤️ Blinkist

Sven O.

It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

Thi Viet Quynh N.

Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

Jonathan A.

Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

Renee D.

Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.