Owning a franchise empire is a business strategy that is getting more and more popular. Smart, enterprising people are seeing the appeal of owning multiple franchise units within a specified territory because multi-unit ownership can be efficient and even has the potential to earn significantly higher revenue. The following are several strategies that will make an investment in multiple promotional products franchise units go more smoothly.
Choose an Experienced Brand
The brand that you invest in will have a major influence on whether or not you will thrive as a multi-unit owner. A brand that is new to franchising lacks the experience to help you open and operate multiple stores. Instead of picking an emerging brand, choose one that has a long history of helping franchisees succeed. Before you embark on any franchise journey, let alone as a multi-unit owner, you want to make sure you are choosing a brand that has proven that its team can put people in business and help them succeed.
Focus on the Big Picture
Running multiple franchise locations is a lot of work and requires that you keep a big picture perspective on your business. As the owner, your job is to keep things running smoothly on a high level, allowing a highly-qualified team to run the day-to-day operations (see the next section in this post). Make and set goals for your franchise empire on the whole to keep your business improving and growing.
Invest in Your Team
Good leadership can make or break a multi-unit franchise system, so take charge and invest in good people to help you run your franchises. One advantage of owning multiple units is that you can offer greater growth opportunities to your employees who can move up in the ranks to supervisor or manager positions; this allows you to hire the most qualified people. Find bright, capable people to run your stores as managers and be strategic about who you hire. It is not enough to hire just to fill positions, you need to think about the future and see your management team as an important asset to your business system. They are the ones who run your business on a day-to-day basis, so make sure you have a team that you can trust.
Be a Good Multitasker
When you own several businesses the ability to multitask is a valuable skill. It’s true that you need to be proficient at multitasking to run any business, even one location, but the need to balance multiple tasks all at once is even greater when you have multiple promotional products and franchise locations to think about. You will need to keep track of each of your different stores’ needs — one store might be hiring new employees while another store is dealing with budget difficulties — as well as working on the larger goals and initiatives of your business as a whole.
Being a multi-unit franchise owner is a lot of work, but it is incredibly rewarding to see that hard work pays off with a successful empire. If you are looking for multi-unit franchise opportunities, Signarama has been in the franchise business for more than 30 years. We have decades of experience putting people in business and helping them thrive.