A comprehensive and accessible companion to a proven business model, this book shows how to franchise an existing business, supported by case studies, data, and research reports on the franchise industry.
For small to medium sized businesses, franchising can lead to successful and profitable growth, and plays an important role within the US economy. Utilizing a proprietary dataset with the most up-to-date statistics regarding a range of franchising trends, this analytical guide is based on management research frameworks that will lead to better understanding of a range of franchising strategies. Issues covered include:
- The franchising business model, including its history, economic impact, and regulations
- Critical factors that significantly influence franchising success, enabling a comprehensive feasibility analysis of franchising potential or existing business ideas
- Implementation components of franchising strategies, such as different franchise structures, regional development plans, and future trends
With its clear focus and practical orientation, this book will be a valuable resource for entrepreneurs, as well as undergraduate and postgraduate students, interested in acquiring the knowledge, skills, and abilities to succeed in franchising.
Table of Contents
1. Introduction to Franchising 2. Fundamentals of Franchising 3. The Relevancy of Emerging Franchise Performance 4. Evaluating the Franchise Venture 5. Preparing for New Franchise Launch 6. Developing Franchisor Organizational Capabilities 7. Franchise System Development 8. Franchisor Support and Services 9. Franchise Relationship Management 10. Franchise Trends
Ed Teixeira has 40 years of experience in the franchise industry including the retail, manufacturing, home health care, medical staffing industries. He has done franchising in Asia, Europe, and South America. He has a Masters Degree in Economics and is a member of the Advisory Board at Pace University Lubin School of Business and Industry Partner with Stony Brook University.
Richard Chan is Associate Professor in the College of Business and has founded the Center of Entrepreneurial Finance at Stony Brook University, USA. His research situates at the intersection of technology and entrepreneurship. Specifically, he investigates how entrepreneurs finance their ventures using emerging platforms, such as crowdfunding and blockchain-based cryptocurrency. His work has appeared in leading entrepreneurship journals.
"Having been in franchising for over 30 years, I have seen the franchise business model enable countless people get into business for themselves but not by themselves. This textbook is an excellent deep dive into franchising and will bring knowledge and value to students, others wanting to learn about franchising, and those who are considering becoming a franchisor or franchisee."
—Catherine Monson, President of Propelled Brands, Past President of the International Franchise Association
"Ed Teixeira and Richard Chan’s book on franchising is a gateway to an expansive professional career. As a franchisee, franchisor, franchise company board member, professor teaching franchising and having written my dissertation on franchising, I say, hallelujah! Indeed, I believe franchising is the business genesis of economic networking.
This book provides the underpinning of knowledge commensurate with a concentrated MBA. You will discover a wide spectrum of entrepreneurial opportunities in franchising."
—Steve Stephen Spinelli Jr, PhD President, Babson College
"This book is a must for prospective and current franchisees who want to understand all facets of the franchise business model. The authors convey their deep expertise in a highly readable way. They cover the gamut from understanding the key elements and value of the franchise model, including its evolution, to its continued promise for today and the future. Franchisees will refer to the book often as a guide to all the key elements of a franchise including intellectual property, financing, marketing, operations, and human resources."
—Manuel London, Ph.D., Dean, College of Business, SUNY Distinguished Professor, State University of New York at Stony Brook
"Owning and operating a franchise organization is more than having an operations manual for franchisees. But do all the demands of management have to be learned through trial and error? Not anymore. Teixeira and Chan put together Franchising Strategies so that those who see franchising as a career opportunity can get a jump start on what they will need to know. The authors rely on scientific research to provide advice on how to create and manage an enterprise that will enable franchisees to run their ventures successfully."
—Francis Hoy, Ph.D., Professor of Innovation & Entrepreneurship, Worcester Polytechnic Institute
"With more than 3,000 U.S. franchise brands, and 730,000 franchise locations supporting more than 8 million U.S. workers, franchising allows people from all walks of life to go into business for themselves, but not by themselves. However, awareness of the franchise business model by entrepreneurs, and how to successfully develop a franchiseable concept that ensures profitability for both franchise brands and franchise owners, requires a fulsome understanding of all aspects of the franchise business model, including the laws and regulations that govern the sales and disclosure process, as well as the ongoing operations of the business and relationship with franchisees. Anyone considering franchising their business would be well-served to take a deep dive into this book."
—Matt Haller, President & CEO, International Franchise Association