Seeing your first business prosper is the first sign you could be ready for a new challenge. But how do you know if you can handle more than one franchise at a time? Along with the drive to take on more responsibility, having a passion for business and strong leadership qualities are both indicators that you will find success with multiple units.
While it’s true the transition from one to many franchises is not always easy, some franchise owners are uniquely fit for the job and find the benefits too good to pass up.
What is Multi-Unit Franchising?
According to The Balance, “a multi-unit franchise is one in which the franchisee owns and operates more than one unit, traditionally in the same general region.” As Entrepreneur.com reports, multi-unit operations make up 53 percent of the 450,000 franchise units in the U.S. (FranData).
It’s easy to understand why investors might want to replicate their franchise success. Keep reading to learn more reasons why multi-unit franchising could be the best next step for you and your business.
The Benefits of Being a Multi-Unit Business Owner
- Increased profitability
It almost goes without saying that the more “shops” you have under your wing, the more returns you will see on your investment. While there may be more expenses to consider once you make the jump to two or more franchises – like payroll for the rock-star teams you’ve assembled – you will also be able to serve more customers simultaneously, so the cash will continue to flow.
- The ability to step away from day-to-day management
Expansion is especially enticing for business owners who are ready to take on a “big picture” role. At some point you will need to hire self-sufficient management teams to oversee the day-to-day operations of each franchise, leaving you more time to focus on the future of your business.
- Continued stability over time
Although it can take a little while to see results once you’ve taken on additional work, eventually your risk will be spread over multiple operations. Even if there is a lull or downturn in one business, the others might be soaring.
- Fast growth
The process for opening and building your franchises will be the same every time, so the more you do it, the faster and more efficient you’ll get. Once you’ve learned how to sustain multiple operations at the same time, you’ll be able to spend more time and energy growing those businesses (or opening new ones).
Remodeling businesses are the ideal franchise opportunity for experienced investors, or current franchise owners who are looking to make the move into multi-unit territory. To learn more about what makes Granite and TREND Transformations a leader in this space, schedule a call with us today.