How to Transition From A Single Unit To An Exciting & Rewarding Multi-Unit Franchisee
By Paul Segreto
Expanding your franchise from a single unit to a multi-unit operation can be an exciting and rewarding experience, as it opens a new world of opportunities for growth and expansion. However, it also comes with its unique set of challenges to be navigated to ensure success. As a multi-unit franchisee, you must learn to manage multiple locations, adapt your management style to unique needs, invest resources in building a new business, monitor financials closely, and foster employee growth.
Having previously owned and operated a successful single-unit franchise that expanded to multiple locations, I know all too well the challenges a new multi-unit franchisee will face because I failed almost catastrophically. Now, with over 25 years’ franchise management and development experience since my experience as a multi-unit franchisee, I have coached many multi-unit franchisees and management groups on how to successfully overcome those challenges.
As a multi-unit franchisee, time management will be crucial for your success. You will need to prioritize your tasks and allocate time for each location based on their needs. It is essential to develop a schedule that allows you to spend enough time at each location while still having enough time to manage other aspects of your business, such as marketing, finance, and administration. One way to manage your time effectively is by delegating tasks to trusted employees, so you do not always have to be physically present.
Upon expanding your franchise operations, you may find that the two locations require different types of management. For example, an established location may have a team that works well together, while a new location may require more hands-on management. It is important to identify the specific needs of each location and adapt your management style accordingly. You may also need to provide additional training to the new team to ensure they understand the expectations, and all are aligned with your business goals.
Opening a new location will require you to spend time and resources building the business from scratch. This can be a significant investment, and it may require you to divert your attention from the established location temporarily. It is important to strike a balance between the two locations and to create a plan that allows you to monitor the new business’s progress and address any challenges that arise promptly. You may also consider hiring a manager to oversee the new location’s day-to-day operations, so you can focus on growing the business.
When opening a new location, there is always a risk that it may not perform as well as the established location. In this case, it is essential to monitor the financials of both locations and ensure that the established location is not offsetting the new business’s shortfalls. If you notice that one location is underperforming, you may need to reassess your strategies and update turn it around. It is also important to have a contingency plan in place in case the new business does not meet your expectations.
As you expand your franchise operations, it is essential to maintain a culture that allows for employee growth. This includes creating a career path for your employees, providing training and development opportunities, and recognizing their contributions. By investing in your employees, you can create a motivated and engaged team that is aligned with your business goals. You may also consider cross-training employees to work at separate locations, which can improve the overall efficiency of your operations.
So, there you have it… transitioning from a successful single-unit franchisee to a multi-unit franchisee can be challenging, but it is also an opportunity for growth and expansion. By developing effective time management skills, adapting your management style, building a new business strategically, monitoring your financials closely, and investing in your employees’ growth, you can successfully grow your franchise operations and achieve long-term success.
About the Author
Paul Segreto is the CEO & Founder at Acceler8Success Group, Chief Franchise Officer at Pepperoni’s; President & CEO at Franchise Foundry; 40+ Years Franchise Management & Development Experience; Emerging Franchise Brands & Restaurants.
Resources & Support
The Acceler8Success team focuses on helping entrepreneurs achieve their entrepreneurial goals through franchise ownership. Information and assistance in exploring multi-unit and multi-brand franchise opportunities can be done via a LinkedIn message, by email to [email protected], or by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com. Also, check out two of our other resource & support sites at Entrepreneurship411.com and OwnABizness.com.
Make it a great day. Make it happen. Make it count!
To read more great articles visit www.trnusa.com/blog
Don’t leave money on the table, apply for your ERC refund with the help of TRN. Visit https://trnusa.com/apply-for-your-erc-recovery-funds-now/ and we will help you through the process at no charge up front.
Recent Comments