If you’re a successful franchise owner, pat yourself on the back. The business world is cut-throat, competitive, and it takes a considerable amount of time and investment to succeed at any level. If you’re ready to expand, there are a number of factors to consider if you want to own multiple units. 

The Advantages of Owning Multiple Units 

The most significant advantage of owning multiple franchise units is also the most obvious—more revenue. Multiple locations of a successful business means more revenue being generated. There are other advantages as well. Depending upon what your business is and what products and services you have to offer, you have a chance to employ more people and serve more customers in the community. Adding jobs to your community is helpful to the local economy. 

Some Things to Know About Owning Multiple Franchise Units

While the prospect of financial gain through owning multiple franchise units is tempting, there are a few factors to consider before taking the plunge. While multiple units can mean more opportunities to replicate your success, it also means a great deal of added responsibilities as well, including hiring the right team to work in each location.

You’ll need to establish and maintain an open line of communication between the different locations to ensure that everything is running like a well-oiled machine. You must also consider the location of each new unit. Building success in different locations is possible, but not if one cannibalizes another and takes customers and profits versus building a new customer base. 

When you first started your business, you knew you were taking a risk. The same can be said about expanding through multiple units. Take stock of your current customer base and rate of growth, the local economy, and the employment market. This is how you’ll determine if the time is right to expand. 

FranSave

Whether you’re considering or have questions about entering the franchising world or you just want some advice about taking things to the next level, we’re here to help. We’ve assisted others in expansion and success, and we can do the same for you. Visit us at FranSave.com for more information or give us a call at 844-476-7776.