Imagine that you launch your very first franchise with greater success than you anticipated. Your customers and the business are both dear to you. But you still have the desire to keep moving forward.
You want to try something new but aren't ready to give up what has been so successful in supporting you and your family.
What should you do? You could join the many successful business owners who go into the world of multi-brand franchising.
In fact, of the 450,000+ franchise units in the United States, 53% are currently owned by either multi-unit or multi-brand franchisees.
Savvy business owners know it’s best not to put all their eggs in one basket. Below are a few reasons why aspiring or current franchise owners should consider multi-brand franchises:
- Industry Trends: Market factors, technological advancements, or unforeseen occurrences like pandemics can cause an industry to change.
- Best Practices: You may discover and implement best practices that can be applied to various industries.
- Employees: Providing incentives and a future path for your personnel to want to stay and progress within your franchises are possible when you offer growth prospects within your portfolio.
- Complimentary Brands: Having complimentary brands or the ability to extend a consumer's lifecycle through a separate brand lowers the cost of acquiring new customers.
Keep in mind, I do not advise launching multiple new franchise brands at once. But multi-branding is something to think about if you're a successful franchise owner searching for fresh approaches to boosting your cash flow.
As more people examine innovative strategies to safeguard their financial future in our changing economy, this trend is unlikely to slow down anytime soon.
Are you interested in learning more about the hot, new trend of multi-brand franchising? Please schedule a brief call here.
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