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

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

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Overview


Franchise Your Growth

Expert franchise consultant Mark Siebert delivers the ultimate how-to guide to employing the greatest growth strategy ever—franchising. 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:
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
Create marketing plans, build lead generation, and branding for a new franchise
Cultivate the franchisee-franchisor relationship

Product Details

ISBN-13: 9781599185811
Publisher: Entrepreneur Press
Publication date: 01/12/2016
Pages: 304
Sales rank: 513,858
Product dimensions: 5.90(w) x 8.90(h) x 0.90(d)

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.

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

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