THE INSIDER'S GUIDE TO FRANCHISING

About as complete and authoritative a briefing as is likely to be available any time soon on precisely what's involved in becoming a franchisee. While McDonald's and other fast-food chains probably represent franchising's most visible successes, Webster (a columnist for Investment Opportunities magazine) identifies 54 other fields (ranging from auto parts through health clubs, video-rental outlets, and water-conditioning services) in which would-be entrepreneurs can try to make a score. With frequent warnings that there are real risks as well as potential rewards for participants, this step-by-step vade mecum examines in detail the mechanics of selecting, financing, buying, locating, operating, and building a profitable franchise. Among other things, Webster reminds overly eager beavers who have done their homework that the business is a two-way street: franchisers require exhaustive financial/personal dossiers on their franchisees. Webster also cautions against letting down after grand openings, however well attended; even those with better mousetraps, the author observes, must promote them aggressively and intelligently to survive, let alone thrive. In this context, Webster offers a series of tips on low-cost advertising possibilities, e.g., direct mail, street handouts, door stuffers, phone solicitations, and window dressing. Particularly helpful for aspiring franchisees will be Webster's categorized listings of 100 top franchisers, which furnish by-the-numbers rundowns on fees, capital requirements, financing opportunities, individual (vs. corporate) ownership, and related data. Included as well are directories with the names and addresses of regulatory agencies and industry trade groups. An impressively informed reference.