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Keys to becoming a successful franchisee

One of the significant benefits of being a franchisee is that the franchisor has already blazed the trail. That entrepreneur has created a system based on key successes and costly mistakes that comes with establishing a business. Applying the plusses and minuses can help build a successful enterprise.

According to Rick Grossmann, author of the Franchise Bible, the following represent important steps for new and existing franchisees to take.

Growth, growth and more growth

The most successful franchisees own multiple units. Once they determine the success of one location, a second one is a logical extension to hopefully double their good fortunes. Franchisors often offer incentives to add units because it requires less training and support for them.

Strive to be number one

Success for franchisors requires an understanding of how to build a franchise community, a critical strategy for significant growth. They often hold friendly competitions and award top producing franchises.

A “give more than you get” philosophy

Establish a foundation that creates a win, but do not settle for just one victory. A collaborative effort among franchisor, franchisee, employees and customers can pay off. That requires franchisees who actively contribute to the overall effort while identifying growth opportunities.

Active industry involvement

If an owner’s advisory committee or council exists, join it. Participation allows franchisees to keep the lines of communication open between the corporate team and the franchise community at large. It also provides individual franchisees an important voice in influencing the direction of the company.

Leadership outside the franchise

Professional growth can result in leadership opportunities that involve training, mentorships or speaking at conventions and events. Not only are these lucrative positions, these positions can also open doors. However, striking a balance between these activities and daily franchise operations is vital.

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Kaufman & Forman, P.C.
8215 Roswell Road
Building 800
Atlanta, GA 30350

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.