Any potential franchise buyer needs to know the fantastic opportunities awaiting them.
Franchising isn't limited to fast-food restaurant chains. Franchising can be anything from hospitality, to gas stations, convenience stores, hotels, car dealerships, and much, much more!
There are even opportunities for franchising within the bookkeeping industry. Why should that intrigue you?
Well, maybe because that's a $4.2 billion sector with 306,187 businesses and an annual growth rate of 3.5%.
Insert shocked face here.
But, before you put your money into an endeavor like franchising, it helps to have some insight first. Below, we highlight four fantastic books every prospective franchisor needs to read. Let's get started.
1. Brick and Mortar Franchise Success by Carolyn Miller
Carolyn Miller is the founder of the National Franchise Institute, so it's safe to say she has some sage advice. Her book is all about 'knowing the costs . . . or paying the price.'
She covers all the primary worries every franchise buyer has—when and how to open, how to do so quickly and efficiently, and, most importantly, how to avoid costly mistakes.
Franchising comes with its challenges. Learn from those who've already experienced and overcome those challenges. What lessons can they impart on your franchise journey?
2. The Franchise Bible by Rick Grossman
This guide by Rick Grossman attempts to explain, in an understandable, step-by-step way, what it takes to make your operation successful, no matter the industry you choose.
Grossman and his co-author have decades of experience that translate into expert tutorials, sample franchise documents, tricks of the trade, and checklists and questionnaires. Essentially, they break down the franchising process in a way that allows you to stay organized, prepared, and supported.
3. 101 Questions to Ask Before You Invest in a Franchise by John P. Hayes
This book by John P. Hayes is perfect for newbie franchisors.
He claims that the main thing holding people back from investing in a franchise is a lack of (reputable) information. Whose advice can you trust? What do you need to hear to instill confidence in your ability to invest?
Hayes breaks this book down into questions you can ask franchisees, franchisors, professional and financial advisors, and more. If you're at a loss for what questions to ask, this book does it for you—then provides some compelling answers.
4. Franchising Demystified: The Definitive Franchise Handbook by Wayne Maillet
This book is now in its second edition, providing up-to-date statistics and a global scope of the franchising world.
It also focuses on the franchisee-franchisor relationship, allowing everyone to know where they stand in the franchising partnership. This understanding can make the relationship healthier and more productive.
Additionally, Maillet highlights some of the best franchising opportunities out there, as well as how to determine which is right for you.
Every Franchise Buyer Needs These on Their Bookshelf
This list is certainly not exhaustive. There are so many books out there with a wealth of knowledge. Take advantage of insight from industry experts and become a successful franchise buyer!
If you're ready to take the plunge, and you'd like to consider the lucrative bookkeeping sector, reach out to us.
Click here to get started on your money-making journey.