Owning a franchise takes skill, patience and determination. But what happens when you want to own more than one?
Multi-unit ownership is a popular business option for franchisee’s, particularly after the success of a first franchise.
Before embarking on this ambitious business journey, what benefits can franchise owners expect?
Development of skillset: previous franchise experience goes without saying, but multi-unit ownership requires entrepreneurs to ‘up their game’ by furthering their skillset and management experience.
Long-term plan: if a ‘get rich quick’ business is not for you, then a multi-unit franchise ownership might appeal. Enabling an entrepreneur to build a business over time, multi-unit ownership helps to set the groundwork for other franchises and business options.
Support: A good rapport and productive relationship with your current franchisor can help to build a strong platform for future franchise platforms. If your first franchise has been a success, you are more likely to be approved to expand the franchise network you manage.
Self-reliant: Are you a strong character with the desire to take an idea and implement it? Multi-unit ownership requires a strong manager with the drive to be self-reliant.
Increased uniformity: Multi-unit ownership enables you to rollout what works and implement a structure across your franchises and future acquisitions. Use your management model as a blueprint, and tailor accordingly depending on customer and geographical location.
Your team: You are only as success as your team, and a great one can help you achieve big things. Use your team to help with the running of your other franchises, hiring talent as and when required.
Is your Sylvan Learning franchise a multi-unit ownership? Share your thoughts on the benefits of this model with us below!