Things To Consider For Multi-Unit Ownership
The decision to own just one franchise takes plenty of consideration and planning. So, when you bring multiple units to the mix, there are many more decisions to be made. However, if you’re an experienced entrepreneur within the franchise system and have had success with your single unit, you’re probably eager to see what you can achieve with multiple units. Before you take the leap as a multi-unit owner, here are three things you should keep in mind.
The benefits of buying in bulk
One of the best things about buying in bulk is that it’s almost always cheaper. Whether you’re purchasing product, equipment or supplies, odds are that buying these items for multiple units will bring plenty of value to you and your business in the long run once each unit is up and running. If you’re concerned about purchasing multiple units due to costs on preparing each one for business, keep in mind that bulk purchasing will be easier on your wallet.
Potential discounts on franchise fees and other areas
Buying in bulk isn’t your only option for increasing your buying power and saving money. You can benefit from multi-unit ownership right off the bat with significant discounts in the initial stages. Many franchises offer discounts on franchise fees – you may even receive royalties as an individual or group who wishes to own multiple locations. Plus, the benefits don’t stop there. When it comes to costs involving licenses and setting up equipment, see if your franchisor will make accommodations for you and your multiple locations. There’s no need to spend more if you don’t have to, and it doesn’t hurt to ask.
Shifting focus from single units to overall success
As an entrepreneur, you already know that there’s no such thing as a typical day. However, as a multi-unit business owner, you might find that your focus may shift to an easier state of mind. When you’re the owner of one unit, you’re prone to concerning yourself with day-to-day operations and problems. With multiple units, you can enlist the help of trustworthy managers that will be able to take the reigns of the day-to-day concerns, leaving you to managing the overall success of your business.
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