According to the BFA, over 621,000 people are employed in franchising in over 44,000 outlets.
The level of profitability has also increased dramatically over the last few years. It is therefore, at least worth considering getting involved in franchising. There are quite a few excellent books on franchising available, and you can find our top five picks below:
1. “Franchising: A Practical Guide for Franchisors and Franchisees” by Iain Maitland
Rather than providing a general introduction to franchising, which one can really find anywhere online, this book is a comprehensive guide to the ins and outs of setting up a franchise, getting involved in one, and running one. As books on franchising go, Maitland does an excellent job of providing the all important details on legal issues involved in franchising such as franchise agreements. It also allows you to get an estimate of the costs involved by offering comprehensive graphs and tables. The book isn’t a boring list of things to consider, however – all the information provided is supported by real-life franchising success stories serving as an inspiration to you.
2. “Franchising: Making Franchising Work for You without Breaking the Bank” by Daphne Clifton
This book was written by a “life coach” for budding entrepreneurs who are a bit short on funds. While it is a lot less fact-heavy and detailed than Maitland’s book, it can truly help you work out whether franchising is really for you. The book does that by providing several real-life examples of successful people involved in franchising which can be of enormous benefit to you if you haven’t made up your mind about franchising yet. Rather than overwhelm you with facts, the book tells you a story about franchising, the author knowing very well that people respond best to a story.
3. “Franchising: How Both Sides Can Win” by Chris Edger
This is another practical guide to making your franchising business model a successful one, packed with real-life examples. Given the authors’ previous extensive experience within the franchising sector, this book and the advice they provide to both newcomers and people with a bit more experience is not to be missed.
Published only last year, the book focuses only on contemporary issues surrounding franchising in every advice it gives, so you can be assured that the information is very much up-to-date. The book is an excellent way for you to get acquainted and re-acquainted with modern perspective on franchising and to learn from some of the most successful players of the sector.
4. “Street Smart Franchising” by Joe Mathews
Contrary to its title, this book was written by people with years of experience as professional franchisors. In essence, however, it is a story rather than an academic manual – a story featuring real-life examples of successful franchisees. The book particularly focuses on certain personality traits, developing which can help you achieve success in franchising.
It also goes into detail about a very important aspect of franchising – a relationship between a franchisor and a franchisee. Fostering relationships is something every businessman and woman needs to invest in in this era of business, and the book uses case studies really well to illustrate their importance and help you develop a successful relationship of the sort.
5. “Get Started in Franchising: Teach Yourself” by Kurt Illetschko
This one is told from two points of view – that of a franchisor, and a franchisee. The reader, whether they are one or the other, is going to get to know franchising perhaps from an entirely new perspective, and that kind of knowledge is very important in any business in this day and age. The aspects of franchising the reader gets to know from the book include everything from the basics to pathways into the industry to financial and legal issues involved.
There is also a chapter that contains sources of UK-based help for a beginner franchisor/franchisee. Whether you’re new to franchising or have a bit of experience under your belt, learning about the other side would be of enormous benefit to you.
Which book is right for you?
The books listed above might sound like they touch upon similar aspects, and in some ways they do. However, they are very different books that explore many diverse aspects of franchising, including, but not limited to, legal and financial implications, business relationships, and advantages and drawbacks of choosing to become a franchisor/franchisee. All of the above are something a budding franchisor/franchisee ought to know before they embark on a franchising venture, and the listed books are excellent sources of that information.
If you’re looking for an overview of franchising and research ideas, then take a look at our six part guide to franchising on Reed Commercial.Tags: books, Education, franchising, learn, read, what is franchising