So, you have one successful franchise location under your belt – but if you’re like most business owners, you are seldom satisfied unless you’re actively pursuing, cultivating and growing your business. Where do you go from here?
I’ve had the pleasure of watching Primrose Franchise Owners take the leap of a lifetime and successfully open and operate flourishing businesses. Naturally, many of them contemplate what to do AFTER they have established a solid venture, and that’s when it gets really exciting.
There are many avenues franchisees in this position can pursue, but in my opinion, there is only one option that offers an unparalleled opportunity for growth: multi-unit ownership. Opening multiple franchise locations is an important decision with many variables, just like the decision to open a single franchise. Here are the four things business owners interested in multi-unit ownership should consider before taking the plunge:
1. Expect community impact on a broader level. No matter your industry, becoming a multi-unit owner will instantly introduce you to new faces – and many times, new leadership opportunities – in your community. This can require additional responsibility and time, but can also lead to even greater fulfillment. Many Primrose multi-unit Franchise Owners were motivated to open additional locations because of their love for serving the children and families in their communities – and their desire to do so on a broader scale.
2. Prepare to embrace the challenges. There can be a little sticker shock when putting up the initial cost of an additional franchise location. It’s also normal to worry about upholding the same standards across multiple locations. These challenges are real and can feel especially daunting to new multi-unit owners, but rest assured that these hurdles are not insurmountable – especially if you have a supportive franchisor. Primrose assists our Franchise Owners through every step of the development process for both single- and multi-units. Our dedicated School Development Team along with our education, marketing and operations consultants help with everything from training and site selection to establishing daily operations. We don’t leave Franchise Owners on an island to figure it out for themselves, but instead provide useful, helpful support that empowers their businesses to thrive.
3. Allow your experience to serve as a guide. Successful single-unit owners can look to multi-unit ownership with confidence, as they have already mastered the “ins and outs” of their businesses. In my experience, working with an established franchisor that has a track record of success can also bring peace of mind to the transition from single- to multi-unit ownership. With the backing of a proven model at both the brand level and through your existing unit, you’ll be empowered to replicate success at your new location.
4. Accept that the rewards will far outweigh the risks. Owning multiple franchises can be a financially rewarding career venture – and it can also be a path that’s full of meaning and purpose. Primrose Schools offers a great investment in a growing industry. Yet, for many of our single- and multi-unit Franchise Owners, it’s the intangible aspects that are truly priceless, like the ability to provide a critical service to children and families in their communities, create a brighter future for children, and encourage continuous smiles and hugs.
Multi-unit ownership is a natural next step for Franchise Owners who constantly seek to quench their leadership spirit by continuing to grow their businesses. If you’re interested in learning about multi-unit opportunities with Primrose Schools, we’d love to speak with you! We’ll be at Franchise Expo West November 1–3 in Los Angeles and you can visit us at Booth 206.
If you’re not attending the tradeshow or if you’re interested in learning more, read how one ambitious couple went from empty nesters to multi-unit MVPs through their experience with Primrose Schools
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