The 10 Commandments of Franchise Ownership
The following is an excerpt from Franchise Bible: How to Buy a Franchise or Franchise Your Own Business, Ninth Edition, which will be released April 20 through Entrepreneur Press. Pre-order now via Amazon | Barnes & Noble | IndieBound | Bookshop.
Some people buy a franchise with the belief that it is easy or the franchisor is going to make them successful. The franchisor has gone through a lot of preparation, work and expense to create a franchise model that you can join and so you can achieve your own success story. Many people have become very successful and extremely wealthy through franchise ownership, but is largely up to you to make it happen. You can implement the following 10 commandments to make the most of your opportunity as a franchise owner.
Historically, the most involved franchise owners tend to be among the most successful. Your first priority is to run your business, but you may find synergies with the franchisor that can help you learn more about the business and also benefit the franchisor.
Strive to be the top-producing franchise owner
Some say that the first step to becoming the top producer is simply believing that you can be the top producer. You made a huge investment of your time and money to join the franchise system, so you may as well endeavor to achieve the highest return on investment possible. Hint: The top common denominator found across most industries is simply the franchisees that make the commitment to religiously follow the franchise system.
Be a leader in the franchise-owner community
Remember how important it was for you to look up to the leadership of more experienced and successful franchise owners when you first joined the system. Remember that a wildly successful franchisor and franchise community will help you make your franchise more successful. Don’t be afraid to seek to become a leader among the franchisees to help them achieve their goals and dreams.
Be a mentor
Some franchisors have formal mentorship programs in place. Teaching is the best way to learn in most cases. Again, the overall health of the entire franchise network has a huge impact on each and every individual in the organization, so it pays to mentor other owners in more ways than one.
Volunteer to serve on the owner's advisory committee
The Owner’s Advisory Committee for your franchise may offer an opportunity for you to participate, allowing you to gather feedback, ideas and concerns from other franchisees in your region and communicate to the corporate headquarters or attend regular meetings to make suggestions to influence the direction the company takes in the future.
Be an innovator
I had the pleasure of working for the inventor of the Egg McMuffin when I was a young man. This is a great example of a franchise owner bringing something huge to the franchisor and reaping the benefits. Be sure to take your new ideas through the proper channels with your franchisor so the entire community can benefit.
Be a contributor, not a consumer
Be a part of the businesses “big picture” instead of standing on the sidelines. Contribute your genius and experience, and lend a hand whenever you can.
Participate in the annual convention
The annual convention has always been my absolute favorite event of the year. Since you are a member of a “party” and not so much a team, you rarely get to be on the same playing field together. Make the most of the conventions and pitch in if possible.
Build your enterprise and legacy through multi-unit ownership
Some of the most successful and wealthiest business owners that I know are multi-unit franchisees. Once you have proven to yourself and your franchisor that you have what it takes to launch, grow and thrive with one franchise, it may be time to add more units.
Take advantage of all of the opportunities that are available to you. The franchise model is the most successful business-expansion method in our history due to the common effort of many to build a common business success story.