Is Multi-Unit Franchise Ownership Right for You?
Whether you are already a successful franchisee or you are entering the franchise world for the first time, you may be considering owning multiple units in an exclusive territory. Doing so can yield high results, but not every person’s story will be the same. How can you know if this route is right for you?
Running a single business is already a huge time commitment, so adding on more will require even more of your time. Are you willing to make that commitment in order to achieve success? On the bright side, Best in Class Education Center lets franchisees have flexible hours and choose how many classes to offer, making multi-unit franchise ownership more manageable.
Although owning a franchise already takes having some business skills, owning many locations requires additional business experience. Therefore, just because you are successful with your first franchise does not guarantee success with subsequent ones. Managing multiple units takes refined leadership, communication, and organizational skills.
In some ways, costs can be cheaper, but overall, the investment is larger for numerous units. If you already have a franchise, make sure it is experiencing consistent growth and producing positive cash flow to provide you with finances and to reduce putting this business at risk as the new ones develop.
You also need to ensure you have strong leaders to run your existing location while you expand. You do not want your first franchise to suffer from you putting your focus elsewhere. Make sure you have a strong team for the new sites, as well, instead of spreading your current staff too thin.
As a multi-unit owner with exclusive territory, you will not have any competition in your designated area from other franchisees. However, you do need to make sure you choose the right locations to see profits. Are there several good places that see high traffic, are visible, and have easy access? Just as important to ask is if there is a need for multiple sites in your community. Even if you have optimal locations, there is no point if no one is going to use them.
A Meaningful Multi-Unit Franchise Opportunity
If you have decided that multi-unit ownership is for you, then consider doing it through Best in Class Education Center. This franchise is about more than just making profits: it is also about making the future brighter by building better teachers and more successful students. You can help reach this goal more effectively by offering various locations to benefit a wider audience. Contact us by visiting our website or by calling 425-880-2688.