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

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Franchise Your Business summary

Name: Franchise Your Business
Rating: 4.7 (23 reviews)
Author: Mark Siebert

Mark Siebert

The Guide To Employing The Greatest Growth Strategy Ever

4.7 (23 ratings)

16 mins

Table of Contents

Franchise Your Business
summarized in 7 key ideas

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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.

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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.

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.

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