Below are five must-read books about getting started in franchising. If you are considering buying a franchise these books are a great way to get started.
1. Street Smart Franchising – Joe Matthews, Don DeBolt, and Deb Percival
Street Smart Franchising provides an excellent overview of the franchising process. It’s not the place where you should end your research into the franchising world, but it’s a great place to start. It’s an easy read and details in a frank way the benefits and drawbacks of franchising. Matthews, DeBolt and Percival lay out a very helpful six-step franchise investigation process designed to smooth the process of figuring out what franchise to purchase.2. Franchising for Dummies – Michael Seid and Dave Thomas
Like the other books in the Dummies series, Franchising for Dummies assumes that reader comes in with no knowledge about the franchise industry and works from there. Franchising for Dummies also has the benefit of being co-written by Wendy’s founder Dave Thomas, who started one of the biggest
fast food franchises in the United States. Franchising for Dummies skews towards promoting the pros of franchising rather than emphasizing the cons, but it still contains a very helpful breakdown of the process as long as it’s not the only book a potential franchisee reads.
3. The Educated Franchisee – Rick Bisio
Bisio’s book, the most recent edition of which was published in 2011, has the rare combination of being a quick read while also containing lots of specific technical advice. The writing is clear and concise and the advice is right to the point and extremely practical. The Educated Franchisee will help you figure out if franchising is right for you, and if so will help you sort through all the research associated with the process and cut straight to what you should really be looking at.4. Tips and Traps When Buying a Franchise – Mary Tomzack
As the writer of this book, I assure you I’m not letting my bias get in the way of advising you towards a useful read. My goal with this book is to take the reader through the ins and outs of franchising, from what to consider when deciding if a franchise is right for you, to helping sort through different franchise areas, to learning how to investigate the
franchise disclosure document. I also list out important questions you should ask yourself to guide you through the process. The book is a bit old so it’s important to consult newer books as well for more up-to-date information, but the principals still hold true today.
5. Franchise Fraud: How to Protect Yourself – Robert Purvin & Robert L. Purvin Jr.
This book is oriented towards warning potential franchise owners of all the dangers and obstacles in owning a franchise. The author is an attorney who spent much of his career working for franchisors. He explains the way franchisors sell franchises and breaks down the myths franchisors disseminate to make franchises seem more attractive. Any potential franchisee should give this book a read before making any final decisions.
