More people are considering new career options as a result of The Great Resignation and a changing economy. While many people start their own businesses, others invest in well-known franchise brands and become franchisees. An increasing number of people start out with just one unit of a franchise before expanding as they become successful.
The next step, becoming increasingly popular, is to transition to a multi-unit franchisee. Many franchisees seek new opportunities for growth after becoming successful in owning and managing their first franchise.
Being a multi-unit franchisee has numerous advantages. Franchisees considering multi-unit expansion can reap the following benefits from their franchisor.
Knowledgeable Support System
Multi-unit franchisors provide franchisees with access to a wide range of expertise. For example, their support team has knowledge of various business models and can impart that knowledge to their franchisees. In addition, existing franchisees can quickly launch their new franchises unit because of their previous experience and familiarity with the franchisor's practices and training procedures.
More Influence in Your Market
When you run a multi-unit franchise operation, you will have more influence with your parent company. This translates to greater cost control and economic leverage in your franchise.
Protection Against Economic Downturns with Diversification
Operating franchise units in various market segments can counterbalance each other in a shaky economy if one sector is hit harder than another. For example, if a multi-unit franchisee notices that one of their locations is underperforming, they can use revenue from their other units to stay on course.
In recent years, multi-unit franchising has grown significantly. This trend is unlikely to slow anytime soon as more people consider new ways to secure their financial future in our changing economy.
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