Franchise Management For Dummies

Learn what it takes to find, buy, and run a franchise -- and enjoy the rewards of being your own boss

If you've ever visited a chain restaurant and thought, "I'd like to run one of these," you're among countless would-be entrepreneurs eager to be their own boss. Franchise Management For Dummies is a hands-on guide that provides clear and concise information on the issues involved in finding, buying, operating, and ultimately growing a successful franchise business. Geared toward both novices and experts in franchising, it's an essential guide to help prospective franchisees know what to look for in a great franchisor, and to show existing franchisees what great franchisors are providing their franchisees.

Both emerging and experienced franchisors will gain an understanding about the proper methods of structuring, managing, and expanding their franchise systems. Social impact investors, donors, and NGOs can learn how franchising techniques can transform how they look at providing products and services at the base of the pyramid.

Inside you'll discover:

• How to find a franchise that's right for you and the ideal location for it

• Where to find quality franchisors and understand the qualities franchisors look for

• How to gather information from franchisees

• A franchisor's mandatory legal obligations to prospective franchisees, the franchise disclosure document (FDD), and working with franchise professionals

• How to take a realistic look at your finances and what capital you'll need to buy and launch a franchise

• Develop strategic advertising and marketing plans

• How to find, hire, and train talented employees who will help make your franchise a success

• How to make sure your franchise makes money

• How to grow your business with multiple franchises

• And more!

Additionally, Franchise Management For Dummies includes a glossary of common franchise-related terms, ten keys to franchisee success, and the questions to ask before becoming a franchisor. Get a copy today and find out if owning and operating a franchise is the right business move for you.

Autorentext

Michael H. Seid is the founder and Managing Director of MSA Worldwide, the leading strategic and tactical advisory firm in franchising. Joyce Mazero is a partner and Co-Chair of Gardere's Global Supply Network Industry Practice, internationally recognized and trusted legal advisors dedicated to excellence in franchising. Find handy resources—including sample forms, checklists, and straightforward advice at www.dummies.com/go/franchisemanagementfd

Inhalt
Foreword xv

Introduction 1

About This Book 1

Foolish Assumptions 2

Icons Used in This Book 3

Beyond the Book 4

Where to Go from Here 4

Part 1: Wrapping Your Brain Around Franchising 5

Chapter 1: The Power of the Brand 7

Tracing the History of Franchising 7

What Is a Franchise, Anyway? 9

The effects of franchising on modern business 9

The success of franchising for business owners 10

What's the Big Deal with Brands? 11

Franchise Siblings: Three Types of Franchising 12

Traditional franchising 12

Business-format franchising 12

Social franchising 14

The Roles and Goals of Franchisors and Franchisees 15

Looking at the world through franchisor lenses 15

The franchisee's end of the bargain 16

Nuances of the Franchisor/Franchisee Relationship 18

Chapter 2: Franchises Come in Different Sizes 21

Getting Started with a Single Franchise 22

Where to start: It's two in the morning and you can't sleep 22

Sifting through the options 23

Paying attention to what's hot 25

Adding Franchises, One at a Time 27

Flying solo: Single-unit franchises 27

Growing a family one franchise at a time 28

Developing a Territory on Your Own 29

Becoming a Master Franchisee 32

The Area Rep: Master Franchise Lite 34

Sharing Risks and Rewards in a Joint Venture 35

Councils, Associations, Cooperatives, and Buying Groups 36

Buying Franchisor-Owned Locations 37

Chapter 3: Mirror, Mirror, on the Wall 41

Starting Your Own or Joining a Team 42

Consider the Pros and Cons 43

Advantages of making a franchise investment 43

Disadvantages of making a franchise investment 45

Being Realistic about Being a Franchisee 48

Looking in the Mirror: A Self-Evaluation 49

Are you willing and able to learn new skills? 49

Would you rather give or take orders? 50

Can you say goodbye to corporate perks? 51

How is your health? 51

Do you like people? 52

How much can you dish out and take on? 53

Consider your family and friends 53

Chapter 4: The Legal Issues 55

Franchise Regulation: A Little History 56

The State Regulatory Landscape 57

The Franchise Disclosure Document 58

What you will find in the FDD 58

The waiting period 59

The FDD, Item by Item 60

Calling out a few key items 71

How much can I make? 73

Additional information available when an FPR is provided 74

Understanding a franchise agreement 75

The franchisor's verbal promises 75

Finding professional advisors 75

Negotiating with a Franchisor 77

Part 2: Buying a Franchise 79

Chapter 5: Researching Franchise Opportunities 81

Digging Up the Good Information 82

The Internet is the place to start 83

Print directories 84

Publications to understand franchising 84

Attending trade shows and expositions 85

Hot and trendy, but does it have any legs? 86

The Role, Risk, and Benefits of Brokers 87

Do brokers work for you or the franchisor? 87

Deciding Whether to Buy Old or New 88

Sizing up an existing franchise 89

Investigating new franchise opportunities 91

Benchmarking Franchise Offerings 92

Going Back Home and Eyeing Locations 96

Chapter 6: Raising Capital: Wowing, Wrangling, and Winning 97

Examining Your Current Finances 98

Ask yourself some probing questions 98 &l...