Franchise book, for people interested in taking a franchise and becoming a successful franchisee is ‘Franchisee Notes.’ Does it surprise you that for many centuries India accounted for 25% of the world’s GDP? It was so because India was the land of entrepreneurs. Today India is the hub of start-ups and is attempting to regain that lost glory. In India’s entrepreneurial journey, Franchising is also playing a crucial part.
Franchise book for success to read in 2020 is ‘Franchisee Notes‘. It is a guide to help people who are interested in becoming an entrepreneur through the franchising route. People who take a franchise business are called franchisees, and this book works as a guide for them.
A franchising business can be severe or manageable, depending on how its approached. We know how competitive the business world is. Person taking the franchise business ends up competing with other brands or with its channel partners and also with unbranded and neighborhood players. It has to fight hard to gain new customers but has to fight even harder to retain the existing customer base. Thus the success of a franchisee is not guaranteed as it depends on many factors.
Many people want to start their entrepreneurial journey from franchising industry. Unfortunately, some of them fail to begin their journey as they
- Are unsure of how to enter into franchising business.
- Took too much time to decide, and opportunity went past them.
- Could not come up with the right budget.
Purpose Of This Franchise Book
Many people enter into franchising business like some people purchase stocks in the share market, i.e., on the advice of a friend or relative and without any knowledge. Thus these people turn an excellent franchising business opportunity into a gamble where the outcome depends on luck and not on the effort.
Then some people take a perfectly good franchise opportunity but mess it up because they do not know what their role is.
Under such a scenarios, people taking franchise business end up blaming the franchisor or the franchise model for their failure. It does not mean that all the franchise models in the market are good, and all the franchisors play their roles perfectly. At no stage, it is being tried to make a case for franchisors.
Only point being made here is that, it is the hard-earned money of the person taking the franchise business which is in the play, so it becomes essential to
- Play its role ideally before and after taking a franchise business.
- Know how to assess a franchisor and franchise models.
- Not commit rookie mistakes and judgemental mistakes.
These are some of the things that have been explained in this Franchise book.
Read about the basics of franchising here
Learning From This Franchise Book
We know Franchising is an excellent option for the people looking to start their entrepreneurial journey. Still, for that to happen, the approach of the person taking franchise business matters a lot. The right path can lead to achieving life goals, whereas the wrong approach can lead to a loss in the business.
To get their approach right and become successful, people taking the franchise business needs to have the right information, and this is what this guide is all about. This book is a guide to inform and educate future franchisees and existing franchisees about the assessment of franchise opportunity, budgeting, and their role. Their role encompasses various activities and initiatives that they should do and should not do.
All the suggestions in this guide are practical and easy to understand. I have tried to keep the language easy and simple for anybody with a functional knowledge of English to understand.
It is observed that people who fail and succeed in franchising,
‘many of them would not have failed if their approach before and after taking a franchise business would have been right.’
The right approach leads to success, and this is what the franchise book, Franchisee Notes is all about.
Contents Of The Franchise Book, ‘Franchisee Notes’
- Why Entrepreneurship?
- Initiation Towards Entrepreneurship
- What Is Franchising?
- Types Of Franchises
- Limitations Of Franchise Business
- Characteristics Of a Franchisee
- Advantages Of Becoming a Franchisee
- When Is The Right Time To Become a Franchisee
- Risk Assessment Of Franchise Business
- Beginning the process of Selecting a Franchise business
- Assessing The Franchise Opportunities
- Pitfalls To Avoid When Taking a Franchise
- Franchisee Expenses
- Type of Royalties
- Franchisee Remuneration
- Franchise Documents
- Role of a franchisee
- Pre-Opening Activities
- Opening Of Franchise
- Franchise Operations And Management
- Marketing & Promotions
- Franchise Renewal
- Calling It Quits
- Is Master Franchisee a Good Idea?
- Should a Franchise Consultant be Hired
People who understand Hindi can watch this video on advantages of franchising
Who Should Read This Book
This franchise book is a top guide for people interested in becoming a franchisee. And also for the people who are already a franchisee and are striving for success. This guide gives some simple solutions to the complex problems which are easy to learn and implement.
This book is helpful for those people also who are in business but not in franchising business as this book covers various topics which could interest them like ‘How to market?’, ‘How to identify the right location?’ And many other chapters.
How Will This Franchise Book Help
Franchising is all about replicating a successful business model, so it does not have the element of the unknown, which reduces risks involved to some extent. Does this mean with franchising all the risks associated with a business cease to exist? ‘No’ that is not the case, but risks involved gets converted into calculated risk and how it gets done, is one of the things that I have tried to explain.
A successful franchisee is an individual who selects not only the right franchise model but also the most suitable one within the budget. This book is an attempt to throw some light on this aspect too.
Does this mean that all the risks associated with a business cease to exist for a franchisee?
When people become franchisees without knowing their role and dos & do not associate with a franchisee; then, they do not succeed in their endeavor. So this book also tells about the role and responsibilities of a franchisee.
Then some topics tell a prospective franchisee how to judge for a profitable franchise model. If we can sum up, then it could be said that this book can be divided broadly into three parts. Part one covers all the basics of Franchising and things a prospective franchisee should do to select the best-suited franchise model. Part two includes what all a franchisee should do to become successful and remain one. The third part covers all the other aspects of Franchising, which are essential to know.
Sumeet Garg is a post-graduate in management with 22 years of experience in Channel development and Franchising. After working with some top brands in India, Sumeet is now advising brands and individuals on possibilities of Franchising for nearly a decade. Sumeet knows what is required to become a successful franchisor or a franchisee.
He strongly feels that franchising business in India is at the cusp of a revolution; thus, those who align themselves with this change will survive in the future. This book is an attempt to guide future or probable franchisees to become and remain successful in these changing times. When Sumeet is not in the franchising world, he is either traveling or is in the kitchen cooking some magic. Amazon Author Page Link