Franchises offer many benefits to business owners. From having a built in customer base, nearly immediate profits, and a proven successful business model, these benefits can make purchasing one attractive to business owners. However, running a successful franchise also presents many challenges. The five books listed below can help you decipher any problems you may encounter to ensure you can get the most out of your business endeavor.
- Law Firm SEO by Jason Hennessey
- The Franchise MBA by Nick Neonakis
- Brick and Mortar Franchise Success: Know the Costs or Pay the Price by Carolyn Miller
- 101 Questions to Ask Before You Invest in a Franchise by Dr. John P. Hayes
- Accounting for the Numberphobic: A Survival Guide for Small Business Owners by Dawn Fotopulos
1. Law Firm SEO by Jason Hennessey
Law Firm SEO goes beyond the basic knowledge of SEO in order to really give its readers a deeper understanding of SEO and its importance. A great product or service is necessary to run a successful franchise, but you also have to get the word out online.
This book is full of information needed for any niche franchise, not only those involved in the legal field. When it comes to amping up your marketing efforts with SEO, Hennessey Digital teaches you how to accomplish this in the most effective way.
You can go into meetings with the confidence to understand and add to the SEO conversation. You will also learn what reports and analytics to request and how to interpret them to ensure you’re getting the results you want. Because even if you outsource your SEO tasks, you still need the knowledge necessary to hold your marketing firm accountable and gauge their effectiveness.
2. The Franchise MBA by Nick Neonakis
Nick Neonakis, author and CEO of The Franchise Consulting Company is a franchise veteran with nearly 20 years of experience in the field. This is a good read for people looking into running a franchise as well as those currently running one. “The Franchise MBA” breaks down all the necessary information in easy-to-understand ways when researching the franchise model.
This book is all about educating you in order to choose the right type of franchise to run and figuring out if you have the necessary tools to run a successful business.
The Franchise MBA centers around the four critical steps to finding the ideal franchise: Self-introspection, the franchisor, the franchisees, and the legal and financial aspects of various types.
3. Brick & Mortar Franchise Success: Know the Costs or Pay the Price by Carolyn Miller
This reference is a great resource for franchisees who are in the beginning stages of their business. It takes its readers on a step-by-step guide to develop a business, buying a brick and mortar location, and the opening of a location. Mainly targeted towards physical store/location franchises, readers can also gain insights on who to work with, certain mistakes to avoid, and things to do.
Brick and Mortar Franchise Success is all about saving the owner as much time and money as possible during the development stage. It’s a great book to pick up when investigating opening a franchise so you can avoid the most common mistakes made during the development process.
4. 101 Questions to Ask Before You Invest in a Franchise by Dr. John P. Hayes
This book is a great starting point if you’re in the beginning stages of researching whether or not franchise ownership is suitable for you. If you’re under the impression that owning a franchise is an easy way to kick back and watch cash roll in, it also serves as a massive wake up call to the realities of the business. By being aware of all the requirements from a financial and time investment perspective, readers can make better decisions regarding their career path.
If you read the initial sections and have still determined ownership is an attractive option, later questions in the book can go further in steering you toward specific areas of focus. This includes what type of franchise might be most suitable for your personality and how to spot a dishonest franchisor.
This selection is available exclusively online, so you can read it on your kindle, computer, or phone.
5. Accounting for the Numberphobic: A Survival Guide for Small Business Owners by Dawn Fotopulos
While this book is targeted toward small business owners, this is everything you need to know when it comes to understanding and tracking the financials of your franchise. This easy-to-follow guide breaks down everything including the net income statement, cash flow statement, and balance sheet. This is accomplished by using straightforward language devoid of unnecessary technical jargon.
Accounting for the Numberphobic prepares you to ask the right questions about financials and ensure your enterprise is as profitable as possible. Without the ability to interpret your finances, you are at the mercy of other individuals. To truly be in the driver’s seat of your business, you should at least possess the knowledge required to converse with accounting professionals. This book allows you to gain that knowledge.