Multiple-unit franchising has become a popular investment tactic and wealth-building strategy in recent years, and for good reason. Between the combination of lower buy-in costs and opportunities for compounded financial gain, entrepreneurs are choosing to strengthen their portfolios by owning multiple franchises, eliminating the risk of relying heavily on one location for primary income.

As a leading home services franchise family, Home Franchise Concepts has the industry experience and trusted expertise to help entrepreneurs successfully own and operate multiple franchises. Here’s how to own multiple franchises in a way that allows each one to thrive and achieve long-term success.

Multiple Franchises, Multiple Considerations

While some franchisees invest in multiple units from the start, many choose to expand their business after they’ve gained a strong foundation through experience and community recognition. Once they get that taste of success, growing their franchise footprint is often a natural next step — but there are a lot of things to consider.

Tips for Franchise Success

Owning multiple franchises requires entrepreneurs to possess a different skill set than those who only have to concentrate on operating one business. First, it’s imperative that you have strong leadership skills, drive, and ambition. With more than one franchise, you have to be an expert delegator, one that’s both able to rely on your brand for support while also leading your team(s) through efficient time management, planning, and decision-making.

You also have to be able to convey consistent messages to those operating and working at your various franchises. Consumers expect uniformity and consistency at each of your locations. If your latte ever tasted differently at different Starbucks locations, you know how disappointing inconsistency can be.

Next, it’s critical to find the most effective way to replicate that same ownership perspective at a multi-unit management level that you implemented when you were only running one franchise.

Because you’re running more than one franchise, you’ll also need to cultivate a dynamic marketing and advertising plan to effectively leverage each market you’re operating in. It’s also key to accurately analyze and compare the finances of each franchise against the others to measure and ensure financial health, well-being, and longevity.

And speaking of finances, additional businesses also require additional capital. Some franchises offer a discounted franchise fee for multiple locations, but the overall initial investment costs will remain about the same as you expand.

Explore Multi-Unit Franchising

Would-be multi-unit franchise owners can mitigate risk and operational roadblocks by investing in a franchise with a lengthy and proven track record like Home Franchise Concepts. As a leader in home service franchises for 30 years, we offer opportunities for both new and seasoned entrepreneurs to launch their own business in the growing home services industry.

With a portfolio of 10 distinct home services brands, Home Franchise Concepts is a subsidiary of JM Family Enterprises, a privately owned, $18 billion company which ranked 17th on  Forbes’ list of America’s Largest Private Companies. The JM Family is vast and consistent with more than 5,000 associates living and working in 48 states, Puerto Rico, and Canada, 45% of whom have been with the company for 10 or more years.

Our many benefits include protected territories to make sure you won’t be competing with fellow franchisees, and both national advertising campaigns and turnkey local area marketing programs to help you spread the word. Franchisees also gain access to exclusive products, software programs to help you effectively run your businesses and enjoy initial training, and ongoing support for the life of your businesses.

Ready to invest in an unmatched franchise business opportunity? Reach out to Home Franchise Concepts today to learn more.