Franchising for Dummies

by Dave Thomas and Michael Seid

Book Overview

You may think you know something about franchising because you probably shop and eat at franchised locations every day. But over the years, myths have developed about franchising, its rate of success, and its ease of entry. Managing or growing a franchise system can be tricky, but if you have the knowledge and motivation you can make it work. With Franchising For Dummies, the late Dave Thomas - founder of Wendy's and a franchising legend - will show...

• Format: Paperback
• Language: English
• ISBN: 0764551604
• ISBN13: 9780764551604
• Release Date: June 2000
• Publisher: For Dummies
• Length: 378 Pages
• Weight: 1.51 lbs.
• Dimensions: 0.9" x 7.4" x 9.2"

Customer Reviews

A Must-Read for anyone considering buying a franchise

I read Franchising for Dummies before deciding to franchise my business concept, Moving Solutions. I found it helpful as a franchisor, by clarifying the issues from the franchisee's perspective and identifying the characteristics I need to look for in successful franchisees. The book's main premise --that franchising is a governed by contracts but it really about trust and relationhsips --resonates with my own values. We recommend Franchising for Dummies to every prospect who contacts us as a Must-Read before we begin the evaluation process.

Great Information

This book is a excellent source for information. Breaks everything down into understandable sections. A must have for anyone thinking about getting into a Franchise.

Extremely good and very objective

When I bought this book, I wondered: How objective can Dave Thomas be? Won't this just be a plug for Wendy's? But, I was very pleasantly surprised. This book doesn't get boring with Wendy's references, because it talks objectively about a lot of different franchises. It does only reference McDonald's once, which I found amusing, but it is very objective. And, this is a lot of good advice. It is a great first franchising book. It covers all of the bases. It's not going to give you anything, but then again, "Writing Video Games for Dummies" isn't the only thing you need to land a job as a video game programmer for Halo 3.

From Duh! to Ahh!

I'm the kind of person that needs to research something before I start doing it. I was contemplating purchasing a franchise, however I didn't know whether it was the right thing for me to do. Let me just tell you that this book was the right book for me. I've learned more than I needed to make my decision. I'm sure that it could also answer a lot of questions for you. This was the first book that I've read from the "for dummies" creators and I must say I was very satisfied. The authors did a great job braking down the information into specific parts. Each chapter was thorough and well written. In fact, the book is so well written that you may just as easy use it as a reference book. For example, prior to purchasing my Fish Window Cleaning franchise, I often used the book as a reference guide to navigate through my UFOC or Franchise Agreement. I also used the book when I was searching for the location of my office and my employees. I really can't stress enough how well organized this book is. You will find answers to most all questions regarding the franchising process. All together there are six parts to this book. These parts range from simple franchise facts to complex business transactions. Franchising for Dummies also offers several important warnings. Although I agree with most of them, I must dispute one. The authors discourage the potential franchisees from working with franchise brokers. I actually think it's very important to work with a broker. However, before you decide to seek services of one, you should definitely investigate your choices. In conclusion, this book is not only intended for the "to be" franchisees. It is also beneficial for the current franchisees, franchisors and even a regular small business owner. If you need a complete book about the franchising process, I suggest that you buy a copy of this book.

Thorough Overview of Franchising, Good and Bad

A thorough overview of the process of evaluating, buying, running, and selling a franchise. Definitely read through this book (even if only in parts) before you start to invest yourself (time and money) into a franchise. It is a frank, and straightforward book about a complicated subject.Some clues from the book: 1) As a franchisee, you buy "the right to use the franchisor's expertise, brand name, experience, methods, and support." (pg. 14).2) Although you get a proven system, the business is yours. It is work and it is not for everyone. Successful franchisees must be very good operators who stick to the rules. 3) Franchisors vary. Since you will be paying a royalty going forward, make sure you do the research and know what you are getting for your money. A contract can be a life preserver and a trap. 4) The evaluation, preparation, funding, and negotiation for the franchise is paramount. This book gives detailed lists, and questions to ask before you sign on that contract.5) Top two reasons franchises fail: 1) not enough money going into the investment 2) absentee owners 6) Factors in assessing your location: population density, neighboring stores (cross promotion), anchor tenants, traffic patterns, speed of traffic, seasonal factors, day / night, competition, security, access to employees, size of property, zoning, landscaping, parking, landlord reputation, visibility, signs, environmental concerns, title, buy vs. lease, hidden costs.7) Royalties vary according to franchisors. Wendy's is 4%8) In the end, franchising is a relationship business with franchisor, customers, other franchisees, suppliers, attorneys, bankers, and family.9) When selling the franchise to others, the franchisor often has the "right of first refusal" which means they can purchase it on the same terms and conditions as the offer you received from a prospective buyer. Check this clause prior to signing.10) Use the International Franchise Association's webpage:www.franchise.org.