Whereas many franchisees are completely satisfied proudly owning and working only a single enterprise, some have greater ambitions of increasing to a number of areas or territories, and even proudly owning a number of franchise manufacturers. Multi-unit possession is not for everybody — it requires a distinct mindset and skillset than single-unit possession does — however when finished proper, it may be a really rewarding entrepreneurial path to comply with. If it is a path you are contemplating, you may discover the best franchise alternative to pursue it with on our record of the highest manufacturers for multi-unit house owners.
To find out this rating, we thought of every firm’s 2024 Franchise 500 rating, which is predicated on an evaluation of greater than 150 knowledge factors within the areas of prices and charges, dimension and development, franchisee help, model energy, and monetary energy and stability. However we additionally thought of elements that relate particularly to multi-unit franchise possession inside every model: Are reductions provided for multi-unit house owners? Does the model strictly promote multi-unit or grasp license offers? What share of franchisees personal a number of items? What number of items does the typical franchisee personal? And what number of the model’s whole items are owned by multi-unit franchisees?
The ensuing record is usually a nice place to begin for somebody contemplating multi-unit possession, or an current multi-unit franchisee searching for new manufacturers so as to add to their portfolio. Nevertheless it shouldn’t be taken as an endorsement of any explicit model. At all times do your personal cautious homework earlier than investing. Learn the corporate’s authorized paperwork, seek the advice of with an lawyer and an accountant, and discuss to current and former franchisees to search out out if a chance is best for you.
We Requested multi-unit Champions
What are some particular methods your model encourages and helps multi-unit possession?
“It begins with the candidates’ objectives: Have they got greater, empire visions? If that’s the case, we introduce a improvement plan to accommodate their objectives. We consider in a staggered launch strategy. We don’t wish to overburden them with prices up entrance and jeopardize your complete plan, so improvement of every territory is damaged out, permitting the primary territory to set the second up for fulfillment.” — Suave Brachowski, model president, USA Insulation (No. 36)
“We work with every franchisee on a monetary and working plan so as to add further territory on the proper time. We even have monetary incentives within the type of decrease royalties and mixed charges, to allow them to use the additional cash to take a position. Some franchisees additionally resolve to develop vertically inside the identical territory by including the sister model, Tub Tune-Up.” — Heidi Morrissey, president, Kitchen Tune-Up (No. 51)
“We use an automatic replenishment system that ensures important merchandise and provides are persistently in inventory. This not solely streamlines operations, but in addition enhances the general effectivity and profitability of every location, making multi-unit possession a extra manageable and engaging endeavor.” — Josh Robinson, vice chairman, franchise and company retailer operations, Pearle Imaginative and prescient (No. 67)
What qualities does a franchisee must succeed at multi-unit possession?
“The franchisees that function at a excessive degree are those who deal with the individuals — sustaining a secure administration group, investing in good pay and advantages, and guaranteeing crew member satisfaction. Profitable multi-unit franchisees are out of their shops, seen and actively concerned with encouraging their groups to deal with the basics of our enterprise.” — Hoyt Jones, president, Jersey Mike’s Subs (No. 4)
“Being able to navigate and adapt to the challenges that go into proudly owning distinctive areas is essential in multi-unit possession. Franchisees should be capable of develop with the modifications of a number of areas and switch them right into a strategic benefit.” — Invoice Luce, president, Transworld Enterprise Advisors (No. 64)
“Multi-unit possession requires the flexibility to scale and successfully construct a company that, whereas hyperlocal, continues to be greater than the person themselves. They have to display and follow every day resilience, grit, management, tenacity, a constructive mindset, and belief. The power to delegate and construct a group is important, which suggests house owners should be capable of encourage and lead.” — Justin Waltz, model president, The Junkluggers (No. 134)
