How To Launch, Grow and Thrive in Franchising Crucial tips and advice for new franchise owners that set you up for success.
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The Franchise Bible, by Rick Grossmann and Michael J. Katz Esq., is one of the leading reference guides and authority on franchising. Published by Entrepreneur Press, it's a crucial resource that covers both angles of the franchising business – becoming a franchisor or a franchisee. The first half of the book expands on becoming a franchise owner, starting with how to choose the right business model for your income and lifestyle goals. The education from Grossman and Katz progresses through other key franchise owner considerations such as legal concerns, funding, site selection and building a successful team. The final chapter in the journey to becoming a franchisee delves into advice and tips on how to grow your new business opportunity, and closes with the authors' own Ten Commandments for franchise owners.
Related: Franchising Your Business, Part 2: Building Your Franchise
Making the most of your opportunity
The entrepreneurial journey can be an arduous one. However, in the beginning stage, newly minted franchise owners should make the most of their new opportunity. The individual tips from the book, some of which speak to marketing your business and following the rules, also offer key advice on becoming a model franchisee – one that your franchise brand would be proud to use as an example for others. If the franchisor rewards the top producers, strive to become one. Always look for ways to help the brand grow further and faster. Speak up – early and often – and provide your franchisor with honest and direct feedback. If there's an owner committee, get appointed to it. If there isn't, establish one. Do whatever it takes to set an example and become a leader among your peers. Become a model franchisee and you'll put yourself in position to pursue bigger dreams – perhaps one day becoming an enterprise operation with a legacy stake in the brand's success.
Related: 3 Key Considerations for the Modern Franchisee
Go forth and multiply
Grossman and Katz emphasize the importance of value propositions when becoming a multi-unit franchise owner. While it may not be as easy as it sounds, the authors' simple truths resonate, and they highlight that one successful location can be used as leverage to open a second or third. You may even be able to negotiate terms and incentives to make the expansion possible. One of the key value propositions of franchising in general is that systems built into the infrastructure of the brand's proven business models can easily be replicated. If generating wealth and security is one of your business ownership goals, you'll get there faster by investing in multiple franchise concepts rather than a single unit. There are also additional routes to expanding your operation to multiple unites, like area and regional developer agreements, as well as becoming a master franchise developer.
Related: 5 Encouraging Facts to Know About Multi-Unit Franchising
Follow the commandments
Grossman and Katz take the time to reel off ten invaluable commandments that collectively reiterate the overarching goal of making the most of your opportunity. Think along the lines of, "Ask not what your franchisor can do for you, but what you can do for your franchisor." It's great advice, because following these commandments will ensure that you stand out as an exemplary franchisee. Among these commandments, one emphasizes that franchisees should take a proactive stance as opposed to being a reactive owner. The authors stress the value of developing your skills sets to become one of the leading franchisees, setting an example for others to follow. Once you're there, become a mentor and find ways to give back to the system that helped you achieve your success. As a franchise owner, you're now participating in one of the most successful business expansion opportunities available. You're urged, through your actions and deeds, to live up to this tradition – and it's critical that you not detract from it.
Rick Grossmann and Michael J. Katz Esq. are the authors of The Franchise Bible: How to Buy a Franchise or Franchise Your Own Business. Buy it now from Amazon or Barnes & Noble.
