New Book: "Franchising Strategies - The Entrepreneur's Guide To Success"
Thinking of turning an existing business into a franchise? Looking to launch a new brand? A brand new book co-authored by a 40-year franchise veteran and a business professor provides step-by-step instructions on how to do exactly that – successfully!
“Franchising Strategies: The Entrepreneur’s Guide To Success,” is packed with data, real-life stories, franchise history, expert advice, and much, much more – all essential to creating, building, and sustaining a successful franchise brand.
The authors are Ed Teixeira and Richard Chan. Teixeira is a 40-year franchising veteran and vice president of franchise development for FranchiseGrade.com. Co-author Richard Chan is an associate professor in the College of Business and founder of the Center of Entrepreneurial Finance at New York’s Stony Brook University.
Marrying theory and practice with data, research reports, and case studies, the book is neatly divided into 10 chapters. Below is a chapter listing and brief summary of each.
1. Introduction to Franchising
A look at how franchising has grown into a dynamic business model and continues to generate growth and interest for individual franchisees, PE firms, and independent business owners.
2. Fundamentals of Franchising
This chapter presents key components of the franchise business model, provides definitions, explains their importance, and elaborates on key aspects of franchising.
3. The Relevancy of Emerging Franchise Performance
This chapter presents data that reveals how companies and entrepreneurs that implemented the franchise business model experienced various rates of growth… and presents data that identifies franchise categories with the highest sustained growth.
4. Evaluating the Franchise Venture
This chapter provides a guide for aspiring franchisors to evaluate the feasibility of creating a new franchise system based on five key criteria: 1) Internal Feasibility Analysis – Resource Availability; 2) Internal Feasibility Analysis – Franchisability of the Core Business; 3) External Feasibility Analysis – Industry Practice and Trends; 4) Franchise Profitability, Cash Flow, and ROI; and 5) Final Check.
5. Preparing for New Franchise Launch
A dive into the importance of securing trademarks, incorporating, registering website domain names, the FDD, operations manual, franchise agreement, franchise business model, and recruiting the right professionals from the start, from attorneys and accountants to development and operations.
6. Developing Franchisor Organizational Capabilities
This chapter focuses on the importance of establishing a solid organizational structure and filling key positions (CEO, CFO, VP of Development, Director of Franchise Operations). Also, what functions can be outsourced for an emerging franchisor (e.g., marketing and IT).
7. Franchise System Development
This chapter digs into the franchise development process required to build a successful system: identifying the right target markets, profiling the characteristics of your ideal franchisee candidate, using CRM software to process leads, qualifying candidates, and discovery day.
8. Franchise Support and Services
The level of support you provide is a key factor for candidates evaluating your brand, as well as in maintaining a positive franchisor-franchisee relationship beyond Grand Opening Day and unit-level profitability. This includes training, operations, marketing, vendor discounts, HR support, financial support, and IT services.
9. Franchise Relationship Management (FRM)
An FRM strategy should be based on supporting franchisees and managing any conflicts that may arise (and they will!). This includes measuring franchisee satisfaction, timely and relevant communication, establishing various committees and councils to gather and manage franchisee feedback, and developing a successful dispute resolution process.
10. Franchise Trends
This look ahead includes discussion of how PE is transforming franchising, the increasing role of technology, continuing franchise consolidation, and the changes brought on by Covid-19 that have enabled franchise brands to adapt and survive.
Learn more and order copies here.
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