Get the key ideas from
Franchise Your Business
The Guide To Employing The Greatest Growth Strategy Ever
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.
- Business owners looking for ways to grow their brand
- Managers curious about the inner workings of franchise owners
- Anyone interested in classic business strategies
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.
Go Premium and get the best of Blinkist
Upgrade to Premium now and get unlimited access to the Blinkist library. Read or listen to key insights from the world’s best nonfiction.
Upgrade to PremiumWhat is Blinkist?
The Blinkist app gives you the key ideas from a bestselling nonfiction book in just 15 minutes. Available in bitesize text and audio, the app makes it easier than ever to find time to read.
Start free trialDiscover
3,000+ top
nonfiction titles
Get unlimited access to the most important ideas in business, investing, marketing, psychology, politics, and more. Stay ahead of the curve with recommended reading lists curated by experts.
Start free trialJoin Blinkist to get the key ideas from
Get the key ideas from
Get the key ideas from
Franchise Your Business
The Guide To Employing The Greatest Growth Strategy Ever
- Read in 13 minutes
- Audio & text available
- Contains 8 key ideas
Synopsis
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.
Key idea 1 of 8
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.
Key ideas in this title
- Franchises are built on mutually beneficial relationships between business owners and their franchisees.
- Expanding through franchising has several advantages over simply opening new company-run units.
- To become a franchise, businesses must show promise to franchisees and have a reproducible model.
- Before starting your franchise, consider whether it suits your future and personality.
- Great franchises are founded on solid plans and fitting structures.
- Quality control is essential to upholding your brand values across branches.
- Ensure long-term success for your franchise through honesty, feedback and communication with franchisees.
- Final summary
