Recently, I received an email from a gentleman that I helped get into a franchise business a few years ago. He wanted to see how things were going with me, and shared that he was interested in diversifying.
He also shared that he was now the proud owner of * 7 Great Clips franchises. I was so happy to hear that! I hope that he opens 7 more Great Clips locations.
Heck, he'd be a SuperHero at that point!
Great Clips offers it's franchise owners an opportunity to open multi-units. That's a great way to go, if you have access to capital. * Request information
If you're a future franchise owner, you should really start thinking of which way you want to grow your franchise operation. Becoming a multi-unit franchise owner should definitely be considered….
I'm assuming that one reason that you're thinking of becoming a franchise owner is that you want to grow a business. (I'm talking about growing a business of your own, as opposed to growing your bosses' business!)
Of course, there's lots of other reasons why you may want to open up a franchise business. How many reasons do you need?
In a typical multi-unit franchise agreement, you start with one unit and get it up and running. While you're busy increasing revenue, you're also starting to scout out your second location.
Most franchise agreements (contracts) have timetables set up in advance. For example, you may be required to open your 2nd unit 16 months after opening your 1st one, and open your third unit within 16 months after your 2nd unit is open.
Another advantage of being a multi-unit franchise owner are the opportunities that may present themselves. For example, if you're quickly becoming known as an someone who's aggressively looking to aquire lots of units, other franchisees in your geographical area may call you to purchase their units when they're ready to sell.
Opportunities like that can be super; you're buying something that has revenue coming in already. Even though you may pay more upfront because it's producing revenue, you're break-even times can be faster if you're a good operator.
If you want to grow a business, (and have something to show for it that you can sell at a later date) multi-unit franchising rocks…
Here's a Tip From The Franchise King®
It's essential to research a franchise, properly. Do you know how?
Franchise Research Steps
How to Use a Franchise Opportunity Website
The 10 Commandments of Franchise Research
What You Need To Know About Franchise Consultants/Brokers