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The Franchise Bible, by Rick Grossmann and Michael J. Katz Esq., is a leading reference guide and authority on franchising. Published by Entrepreneur Press, it is an essential resource that covers both angles of the franchise business: becoming a franchisor or a franchisee. The first half of the book expands on becoming a franchise owner, beginning with choosing the right business model for your income and lifestyle goals. Grossman and Katz’s education moves through other key considerations of franchise owners, such as legal concerns, financing, site selection, and building a successful team. The final chapter in the journey to becoming a franchisee delves into tips and advice on how to grow your new business opportunity, and closes with the authors’ Ten Commandments for Franchise Owners.
Related: Franchising Your Business, Part 2: Building Your Franchise
Making the most of your opportunity
The corporate journey can be arduous. However, in the initial stage, new franchise owners should make the most of their new opportunity. The book’s individual tips, some of which discuss marketing your business and sticking to the rules, also offer key tips for becoming a model franchisee, one your franchise brand would be proud to use as an example to others. . If the franchisor rewards the best producers, strive to become one. Always look for ways to help the brand grow bigger and faster. Speak up, early and often, and give your franchisor honest and direct feedback. If there is a committee of owners, let them name it. If there isn’t, set one. Do whatever it takes to set an example and become a leader among your peers. Become a model franchisee and you’ll be in a position to pursue bigger dreams, perhaps one day becoming a business operation with an inherited stake in the brand’s success.
Related: 3 key considerations for the modern franchisee
Go 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 highlight that one successful placement can be used as leverage to open a second or third. You can even negotiate terms and incentives to make expansion possible. One of the key value propositions of franchising in general is that the systems built on the infrastructure of the brand’s proven business models can be easily replicated. If building 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 units, such as area and regional developer deals, as well as becoming a master franchise developer.
Related: 5 Encouraging Facts You Should Know About Multi-Unit Franchises
follow the commandments
Grossman and Katz take the time to recite ten priceless 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, ask what you can do for your franchisor.” This is great advice, because following these commandments will make you stand out as an exemplary franchisee. Among these commandments, it stands out that franchisees must take a proactive stance rather than being a reactive owner. The authors emphasize the value of developing your skill sets to become a top franchisee, 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 succeed. As a franchise owner, you are now participating in one of the most successful business expansion opportunities available. You are urged, through your actions and deeds, to live up to this tradition, and it is critical that you do not deviate from it.
Rick Grossmann and Michael J. Katz Esq. are the authors of The Bible of franchises: how to buy a franchise or franchise your own business. Buy it now at Amazon or Barnes & Noble.
Related: The 10 Commandments of Franchise Ownership