3 Books Every Franchise Buyer Needs to Read
With technology disrupting the world of franchise, use the tools from these three books to stay innovative with your business.
There are many new authors in the franchise and small business category that have written some very helpful books for our industry. Recently, I have been asked to recommend books to help franchisors and franchise owners. Take a look at the following books:
1. Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne
I have been coaching some very innovative new companies lately that are bringing new technology, business models and marketing tools to the franchise world. Some of these businesses are creating a whole new market. When I identify companies like these, I always suggest that they read Blue Ocean Strategy to further develop their skills and vision. This book is a paradigm shift for many business owners that focus on moving in the direction of untapped new markets, or “blue oceans,” instead of going head-to-head with the competition in “bloody red ocean” existing markets.
2. Brick and Mortar Franchise Success by Carolyn Miller
This book is a must-read for anyone that is opening brick and mortar locations. In her book Brick and Mortar Franchise Success, Carolyn Miller identifies the industry tips and gold nuggets to save money and time before, during and after the build-out and construction phases of a new business. Many of my clients have benefited in a very tangible way from this book. Franchisors will find many strategies that can immediately be implemented to better train and support franchise owners as they prepare to launch. Franchise owners can use this book as a guide as they move through site selection, assemble their construction team and initiate their preopening steps.
3. Millennial Millionaire by Bryan M. Kuderna
I recently wrote an article about the millennial generation and what is important to consider as a franchisor if you seek to recruit these individuals. This led me to meet the author of Millennial Millionaire, Bryan Kuderna. Kuderna is a Certified Financial Planner with a goal to educate young professionals in the area of financial literacy. This book will help you understand the priorities, beliefs and lifestyle of this generation as well as reveal some solid financial strategies.
During my research for Franchise Bible, 8th Edition, I found that the franchise industry has changed in many ways over the years. Technology has had the biggest impact by modifying buying behaviors. Not too many years ago, franchise buyers would find an opportunity in Entrepreneur magazine or by attending a franchise expo in-person. They would then go through the franchisor’s respective step-by-step process to qualify, purchase and launch their franchises. But today, buyers can find a plethora of information online about nearly any franchise they want to learn about. This has leveled the playing field for new innovative companies to compete favorably with the “big boys” in the marketplace. Now, the more creative and tech-savvy companies have the advantage instead of the ones with largest budgets.
Franchise operations have also shifted quite a bit due to technology. Franchisors now have more information at their fingertips than any other time in history. This enables them to offer better training such as video operations manuals, ongoing educational webinars and a variety of dynamic tech tools to gather critical stats.
These changes have made it more important for franchise leaders to learn as much as possible to gain a competitive edge and stay relevant in an ever-changing business world. The books that I reviewed in this article are a great starting point. But, remember that innovation is the key to growing in the modern marketplace. Now is a great time to get your team together to create leadership and marketing strategies using these tools.
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Rick has been involved in the franchise industry since 1994. He franchised his first company and grew it to 49 locations in 19 states during the mid to late 1990s. He served as the Chief Executive Officer and primary trainer focusing on franchise owner relations and creating tools and technologies to increase franchisee success.
Rick developed and launched his second franchise organization in 2003. He led this company as the CEO and CMO growing to over 150 locations in less than three years. He developed the high tech/high touch franchise recruiting and sales system.
Both companies achieved ranking on Entrepreneur Magazine’s Franchise 500 List. During this period Rick served as a business and marketing consultant to small business and multimillion dollar enterprises. He also consulted with franchise owners and prospective franchisees, franchisors, and companies seeking to franchise around the world.
Rick is the Author of Entrepreneur Magazine's Franchise Bible series and his 9th Edition was released worldwide in April of 2021. He also is a contributing author to Entrepreneur Magazine and other industry publications on the subject of franchising and business.
He currently heads up the Entrepreneur Franchise Advisors program, serves as an executive coach and strategist for multiple franchise clients and is the co-host of the Franchise Bible Coach Radio Podcast with Rick and Rob.