Multiple-unit franchising has become a popular investment tactic in recent years. Through the combination of lower buy-in costs and opportunities for compounded financial gain, entrepreneurs are choosing to strengthen their portfolios within proven franchise systems that offer long-term growth. Owning multiple franchises can be a strong wealth-building strategy since diversification of your investment means you won’t have to rely heavily on one location for primary income.
As a leading home services franchise family, Home Franchise Concepts has the industry experience and trusted pedigree to provide a path toward successfully owning multiple franchises. Let’s explore the best practices to owning multiple franchises in a manner which allows each unit to thrive and achieve longevity.
Multiple Franchises, Multiple Considerations
While some franchisees invest in multiple units from the start, many choose to expand their business after they have gained a strong foundation through experience and community recognition. Upon enjoying the success of their first outpost, growing their franchise footprint often makes perfect sense.
Strong leadership skills are imperative for multiple-unit franchising. With more than one franchise, you must be an expert delegator, able to rely on your brand for support while leading your team(s) through efficient time management, planning, and decision-making.
You will also need ambition and drive to run multiple businesses, as well as additional capital. Some franchises offer a discounted franchise fee for multiple locations, but the overall initial investment costs will remain about the same as you expand.
Tips for Franchise Success
Owning multiple franchises requires entrepreneurs to possess a different skill set than those who only have to concentrate on operating one business.
A prerequisite for owning multiple franchises is having the ability to convey consistent messages to those operating and working at your various franchises. Consumers expect uniformity and consistently at each of your locations. Imagine your Big Mac tasting differently at each McDonald’s location? Finding the most effective way to replicate the same ownership perspective at a multi-unit management level is another key to success.
You will also need to cultivate a dynamic marketing and advertising plan to effectively leverage each market you are operating in. It’s also key to accurately analyze and compare the finances of each franchise against the others to measure and ensure financial health, well-being and longevity.
What a Concept
Would-be multi-unit franchise owners would be smart to consider investing in a franchise with a lengthy and proven track record. Home Franchise Concepts has been a leader in home service franchises for 30 years and offers opportunities for both new and seasoned entrepreneurs to launch their own business in the growing home services industry.
Our growing franchise family is nine brands strong and is inclusive of 2,400 franchised territories. Home Franchise Concepts is a subsidiary of JM Family Enterprises, a privately owned, $18 billion company which ranked 17th on Forbes’ list of America’s Largest Private Companies. The JM Family is vast and consistent with more than 5,000 associates living and working in 48 states, Puerto Rico, and Canada, 45% of which have been with the company for ten or more years.
Our many benefits include protected territories to make sure you won’t be competing with fellow franchisees, and national advertising campaigns and turnkey local area marketing programs to assist you with spreading the word. Our franchisees gain access to exclusive products, software programs to help you effectively run your businesses and enjoy initial training, and ongoing support for the life of your businesses.
Come and explore our low-cost franchise investments with high profit potential, and scalable business models. Many with low overhead and minimal inventory. With the backing of JM Family, Home Franchise Concepts offers you stability, leadership, and unmatched franchise business opportunities.
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