You may have built one thriving franchise unit, but like many successful business owners, you're considering expanding.
So, where do you go from here?
Just like opening your first unit, expanding your franchise portfolio with more units from the same brand or with a new brand requires thoughtful discussions with your family and franchisor.
Here are some things to think about if multi-unit ownership is good for you:
Use Your Experience To Guide You
Successful franchise owners should look forward to multi-unit ownership confidently because they have mastered business ownership's nuances. In addition, working with a franchisor that has a proven track record of success assures that the move to multi-unit ownership will be smooth.
Look For Incentive Opportunities
Of course, in order to open another location, you'll need financial resources. There are several fees connected with operating a new site, but some franchisors give incentives to existing franchise owners who want to grow their portfolios. This might result in lower royalties, waived fees, and so forth.
The Benefits Outweigh the Risks
The transition from single to multi-unit franchising might be intimidating, but the benefits outweigh the hazards. Having many franchise locations may be a financially profitable and entrepreneurially gratifying venture with a greater likelihood of success.
Given the savings, scale benefits, and a demonstrated likelihood of return, multi-unit ownership frequently returns better ROIs.
If you would like more information about multi-unit franchising and portfolio diversity, please schedule a quick call with me.