The 10 Commandments of Franchise OwnershipTake advantage of all of the opportunities that are available to you.

ByRick Grossmann

Opinions expressed by Entrepreneur contributors are their own.

bortonia | Getty Images

The following is an excerpt fromFranchise Bible: How to Buy a Franchise or Franchise Your Own Business, Ninth Edition,whichwill be released April 20 throughEntrepreneur Press.

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.

Related: Considering franchise ownership? Get started now and take this quiz to find yourpersonalized list of franchisesthat match your lifestyle, interests and budget.

Identify opportunities

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

一年一度的会议一直是我绝对的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.

Related:How Franchises Can (and Should) Attract Millennial and Gen Z Franchisees

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.

Wavy Line
Rick Grossmann

Entrepreneur Leadership Network VIP

Franchise Bible Author, Speaker and Coach

Rick has been involved in the franchise industry since 1994. He franchised his first company and grew it to 49 locations in 19 states during the mid to late 1990s. He served as the Chief Executive Officer and primary trainer focusing on franchise owner relations and creating tools and technologies to increase franchisee success.

Rick developed and launched his second franchise organization in 2003. He led this company as the CEO and CMO growing to over 150 locations in less than three years. He developed the high tech/high touch franchise recruiting and sales system.

Both companies achieved ranking on Entrepreneur Magazine’s Franchise 500 List. During this period Rick served as a business and marketing consultant to small business and multimillion dollar enterprises. He also consulted with franchise owners and prospective franchisees, franchisors, and companies seeking to franchise around the world.

Rick is the Author ofEntrepreneur Magazine's Franchise Bible series and his 9th Edition was released worldwide in April of 2021. He also is a contributing author to Entrepreneur Magazine and other industry publications on the subject of franchising and business.

He currently heads up theEntrepreneur Franchise Advisorsprogram, serves as an executive coach and strategist for multiple franchise clients and is the co-host of theFranchise Bible Coach Radio Podcast with Rick and Rob.

Editor's Pick

Related Topics

领导

Employers: The Burden of Going Back Into The Office Is Not as Bad as You Think — It's Worse.

Leaders falsely perceive employee wellbeing to be already high and believe the burden of going to the office will be not that bad in this broader context. This disconnect between perception and reality is what I call the "Wellbeing Paradox."

Business Ideas

The 11 Best Self-Employed Jobs for Today's Market

Are you looking to step away from the normal workflow and become your own boss? Check out these 11 business ideas to become a boss today.

领导

How Entrepreneurs Can Fuel Innovation and Push Societal Limits

The most successful and influential entrepreneurs are those who are driven by the belief that they can make a difference in the world.

Science & Technology

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.

Angelina Tsuboi, a full-stack mobile and web developer who also happens to be a pilot, has always been solution-oriented.

Career

Job vs. Career: Top Differences and Insights Between the Two

Are you looking to jump into your career or just need a paycheck? Check out the key differences between a job and a career.