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This might come as news to many aspiring entrepreneurs looking to get into franchise ownership, but multi-unit franchise ownership is now the norm. Over the past decade, 53% of franchise owners have become multi-unit—meaning that they own and probably personally operate more than one franchise location.
The percentage of multi-unit owners is even higher in terms of franchise ownership in the fast food and restaurant subindustries. Just over 76% of franchised restaurants are now multi-unit. The reasons for this development are straightforward.
Both lenders and franchisors like seeing a franchisee hit his or her stride and are willing to provide more generous private loans to these high flyers. In addition, franchisees who have a track record of franchising greatness easily come into the good graces of franchisors, and area developers are excited to help them find the hottest available territories in that particular fast food industry.
Tips on Making Multi-unit Franchising Dreams a Reality
Franchisors also like seeing franchisees take on more responsibilities because franchisees who take on more work and diversify their operations are better able to weather economic downturns or changes in regional customer tendencies.
In layman’s terms, franchisors have faith in multi-unit franchise owners because they’re experienced and able to draw on a larger, more diverse customer base.
This reduces the chances that multi-unit franchise owners are going to run into obstacles. Moreover, multi-unit franchise owners are often superstars at delegating, which means that they can run one, three, five, or seven locations without breaking a sweat.
Streamlined relationships with advertising and marketing networks, vendors, and franchisors are another obvious benefit!