Franchise Your Business: The Guide to Employing the Greatest Growth Strategy Ever

by Mark Siebert

Overview

Join franchise expert and consultant Mark Siebert as he delivers the ultimate how-to guide to employing the greatest growth strategy ever—franchising. 

In this revised and updated second edition Siebert tells you what to expect, how to move forward, and avoid costly mistakes as he imparts decades of experience, insights, and practical advice to help grow your business exponentially through franchising.

Learn how to:

• Use other people’s money to grow your business
• Evaluate your existing businesses for franchisability
• Identify the advantages and disadvantages of franchising
• Develop a business plan for “growth on steroids”
• Evaluate legal risk, obtain necessary documents, and protect intellectual property
• Control quality better than in corporate operations
• Create marketing plans and tools to attract franchises
• Sell franchises to the right candidates while avoiding potential problems
• Help your franchisees establish their franchise businesses
• Cultivate the franchisee-franchisor relationship
• Prepare your franchise business for an ultimate sale when it is time to exit

Franchise Your Business will teach you everything they need to know about the most dynamic growth strategy ever created.

Product Details

ISBN-13:	9781613084700
Publisher:	Entrepreneur Press
Publication date:	05/28/2024
Sold by:	Barnes & Noble
Format:	eBook
Pages:	400
File size:	4 MB

About the Author

Mark Siebert founded the iFranchise Group, a franchise consulting organization. He is an expert in evaluating companies franchisability, structuring franchise offerings, and developing franchise programs. Siebert has personally assisted over 30 Fortune 2000 companies and over 500 start-ups franchisors. He lives in Homewood, IL.

Mark Siebert is an expert in evaluating a company's franchisability, structuring franchise offerings, and developing franchise programs. Siebert is the CEO or iFranchise Group and has personally assisted over 30 Fortune 2000 companies and over 500 start-ups franchisors. He lives in Homewood, IL.

Table of Contents

Foreword John Leonesio, Founder of Massage Envy xiii

Preface xvii

Notes for the Reader xviii

Introduction xxi

Part 1 Exploring Franchising

Chapter 1 What Is Franchising? 3

How It Works 3

The Federal Definition 4

What It Means to Be a Franchisor 7

Further Complications: State Definitions 8

The, Bottom Line: If It Looks Like a Duck 10

Chapter 2 Advantage and Disadvantages of Franchising 11

The Advantages of Franchising 12

The Disadvantages of Franchising 22

The Bottom Line: Franchising Is Not Right for Everyone 29

Chapter 3 Is Your Business Franchisable? 31

Ts Your Business Marketable? 32

Is Your Business "Cloneable"? 36

The Acid Test: Return on Investment 39

Other Factors Affecting Success 45

Erecting Barriers to Entry and Planning for Change 47

The Bottom Line: Franchisee Success Dictates Your Success 48

Chapter 4 Is Franchising Right for You? 51

Defining Personal Goals 51

Deciding on Direction: An Example 53

Evaluating Risk 56

Is Franchising Right for You? 62

The Value of Opening a Second Operating Unit 64

Franchise or Corporate-Should You Do Both? 66

"What's the Magic Number?" 67

The Bottom Line: The Answer Is Not in the Stars 68

Chapter 5 Alternatives to the Franchise Structure 69

Company-Owned Operations 69

Business Opportunities or Licensing-The "No Name" Options 70

Trademark Licenses-The "No Support and No Control" Option 72

The "No Fee" Options 73

Franchise Exemptions-The Nonfranchise Franchise 76

More Than One Size Can Fit All-Combination Structures 77

Combining Growth Strategies 77

Never Decide to Franchise 79

The Bottom Line: Let Your Goals (Not the Law) Drive Your Strategy 82

Part 2 Developing Your Franchise Company

Chapter 6 Strategy for "Growth on Steroids" 85

The Tools You Will Need to Compete 86

Developing Your Franchise Plan 86

What to Do When Your Goals Exceed Your Reach 119

The Bottom Line: "Me Too" Is Not a Plan; It Is a Recipe for Disaster 120

Chapter 7 Getting Legal 123

The Franchise Disclosure Document 124

State Franchise Laws 129

Obtaining Your Trademark 130

Protecting Your Intellectual Property 132

Legal Risk 133

Finding the Right Attorney 141

Unauthorized Practice of Law 142

The Bottom Line: The Legal Stuff Sounds Scary But Really Isn't 143

Chapter 8 Controlling Quality 145

The Quality Control Myth 145

The Pillars of Quality Control 147

The Franchise Operations Manual 150

Training Your Franchisees 156

Startup Assistance 165

Ongoing Support 167

The Bottom Line: Make Your Franchisees Successful 173

Chapter 9 Franchise Marketing-Your Unique Message 175

The Present Value of a Franchise (PVF) 175

The Motive Is the Message 177

Start with Your Story 183

Know Your Competition 188

Delivering the Message 192

The Bottom Line: Sell Them on What Makes You You 199

Part 3 Building Your Franchise Empire

Chapter 10 Franchise Lead Generation 203

Budget: Let Speed of Growth Be Your Guide 204

Geographic Markets for Expansion 205

Mix and Distribution of Corporate Locations 208

Narrowing Your Market 210

The Marketing Funnel 210

Timing 213

Media Mix and the Allocation of Scarce Resources 216

The Importance of an Integrated Approach 238

Measuring Results 239

The Bottom Line: Marketing Done Right Yields Predictable Results 241

Chapter 11 Selling Franchises 243

A Sale Like No Other 244

Who Is Your Buyer? 245

The Franchise Sales Process 245

Just Say No-The Hardest Job in Franchising 247

Qualifying Prospects: The Award 249

The First Call: Knowing Your A-B-Cs 259

Stalking vs. Calling: Frequency of Follow-Up 262

Eating the Elephant: Goals and Advances 263

"Selling" Discovery Day 264

The Salesperson's Best Friend: Objections 267

Positioning vs. Competitors 269

Financial Performance Representations in the Sales Process 271

Validation: Getting Your Franchisees Involved 273

Don't Ask the Internet to Do Your Sales Job 276

Franchise Sales Approaches 276

The Bottom Line: It's a Numbers Game 281

Chapter 12 The Franchise-Frenchisor Relationship 283

Sources of Conflict in the Franchise Relationship 284

The Importance of Franchisee Success 285

The Hockey Stick Effect 285

Be a Good Parent 287

Effective Communication Is Key 288

Using Franchise Advisory Councils 290

Caring for Top-Performing Franchisees 292

Trust, But Verify 292

Making Themselves Heard 293

The Bottom Line: Lock the Contract in a Drawer 294

Chapter 13 Putting It All Together 295

DIY Franchising 295

Why Hire a Consultant? 298

Choosing Your Consultant 299

The Need for Expert Franchise Legal Counsel 304

Building Your Team 309

Your Time Commitment When Launching a Franchise 310

Outsourcing 312

Choosing Your Team: Bazooka or Peashooter 313

Aggressiveness Dictates Cost 314

Five Buckets for Franchise Success 315

The Bottom Line: You Are Entering a New Business 319

Chapter 14 Taking the Leap 321

Glossary 323

About the Author 325

Index 329

Editorial Reviews

"Unlock the power of franchising! Franchise Your Business provides an easy-to-understand, well-defined guide for assessing fit and applying franchising to your business."
—Craig Donaldson, Former President of Harris Research (Chem-Dry and N-Hance Franchised Brands) and Service Brands (Molly Maid, Mr. Handyman, and ProTect Painters)

"Franchise Your Business offers the step-by-step, RIGHT way to franchise a business. I have always believed that knowledge is power and with this book, the power and reward of a successful franchise system is at your fingertips!"
—Debbie Shwetz, Co-Founder of Nothing Bundt Cakes

"For anyone who is thinking about entering the mine field of franchising, Mark’s book is an absolute GPS that I recommend to guide them through it."
—Don Newcomb, D.D.S., Founder of McAlister’s Deli and Co-Founder of Newk’s Eatery

"Franchise Your Business is the definitive how-to book for anyone trying to expand using other people’s money, written by someone who has helped hundreds of companies do it. It’s a great and highly informative read. Mark helped us successfully franchise our business, and this book will help you too!"
—Nick Friedman, Co-Founder and President of College Hunks Hauling Junk

"When I left my corporate life and became an entrepreneur, I discovered an amazing method to growing my business—franchising! Since this discovery, I have created three successful franchise brands with more than 500 units in the US. Franchise Your Business shows you how to use franchising to elevate your business far beyond your wildest dreams."
—Peter Ross, CEO and Co-Founder of Senior Helpers

"Mark Siebert gives you a thorough understanding of franchising as an expansion strategy and the steps you need to take to do franchising right! Especially valuable is Mark’s take on the franchisee-franchisor relationship, which is the key to a franchise’s long-term success. Honest and insightful, this book is an absolute must-read for anyone who is exploring alternatives for growing their business."
—Scot Crain, Vice President, Franchise Relations of Auntie Anne’s Soft Pretzels

"Franchise Your Business is a solid recounting of the many facets of franchising that we have learned over the years working with Mark. If you are thinking of franchising your business, or have recently started the process, read this comprehensive guide!"
—Dave Pazgan, President of 101 Mobility

"Whether you are trying to grow your business or just looking to get a better understanding of the franchise model, you will certainly come away from this book with a deeper understanding of the power of franchising as a growth engine."
—Patrick Walls, President of Capriotti’s

"Mark Siebert unpacks his wisdom and expertise to guide you through the franchise business model. Anyone interested in learning about the dynamics of franchising will benefit greatly from this book."
—Brian Mattingly, President and Founder of Welcomemat Services

"This book is an essential read if you are considering franchising as a growth strategy for your business. Mark boils down his thirty years in the business with client examples and secrets for success, sharing key elements for successful franchisee relationships, open communication, and supporting the financial success of the franchisee."
—Scott Lehr, Senior Vice President of International Franchise Association

"Franchise Your Business is an invaluable resource for any successful entrepreneur who wants to explore franchising as a growth strategy. This book paints a high-definition picture of franchising that delivers the exact information and insights I spent countless hours trying to find and understand. If you think franchising is a possibility in your future, start here."
—P. Allan Young Jr, CEO of ShelfGenie and Outback GutterVac Franchise Systems

"Mark Siebert has written the guide for the start-up franchisor or for anyone considering franchising their existing business. We learned a tremendous amount about franchising in working with Mark. Much of that wisdom is imparted in Franchise Your Business. I highly recommend reading this book."
—Jeff Platt, Co-Founder and CEO of Sky Zone Franchise Group

From the Publisher