Estimated read time: 2 minutes
One way of running your own business is buying a franchise and owning the rights to it in a specific geographic area. Whether that’s the way to go or not is clearly an individual decision. One resource to get started on answering that question is Nick Neonakis’ book The Franchise MBA: Mastering the 4 Essential Steps to Owning a Franchise
Mr. Neonakis takes a here-are-the-facts approach in this educational and conversational book. He walks us through all the steps to consider as somebody is thinking about a franchise. He also compares franchising to other forms of businesses. The book walks us through the advantages, disadvantages as well as processes that are involved.
“The Franchise MBA” is written in a way to be helpful. Many times, Mr. Neonakis makes statements similar to “If you think this …” or “If you prefer this …” getting a franchise might not be the way to go for you.
He also outlines the phases – including the rougher ones – franchise owners go through and explains how to make it through them successfully. Additionally, he talks about how a new business owner needs to work with staff and what skills are needed.
In the spirit of storytelling, Mr. Neonakis shares pieces of a laid off executives story and how he looked for a job, then took a job and then ultimately decided to own a franchise. The story showed up at relevant times and I caught myself wondering when I would see the next part of the man’s story.
Mr. Neonakis also shares online resources that can be used as resources to determine which industry – if any – might be the best fit for the reader.
An educational book that is worth a read to anyone interested in becoming a business owner. Even for those not necessarily interested in buying a franchise, Mr. Neonakis’ decision-making tips could be applied in other situation as well. Plus, it’s an educational read on the franchising industry in general.
This first ran in the January 27, 2014, print edition of the Corridor Business Journal