Sit back, close your eyes, and visualize owning many franchise business units. How does it look?
Owning many-units, (or multi-units as they’re more commonly called) of a franchise concept is the goal of a fair number of today’s would-be franchisees.
It can be like building your own little empire.
A Many-Unit Kingdom
I’ve been able to help several franchise buyers become multi-unit franchisees. Becoming the owner of a multiple location business can be downright exciting.
While it’s not for everyone-especially because of financial reasons, for those that do venture into multi-unit franchising, the rewards can be great.
But, they’re not guaranteed. You still have to do your homework.
Once you’ve selected a franchise business concept that you feel is right for you, and have done the due diligence needed to make an intelligent, fact-based decision, you’ll need to put a comprehensive plan into place. This business plan isn’t going to be just for your banker…it’s for you, too. Doing the financial projections for a single unit franchise has it’s challenges; doing spreadsheets for several franchise units that will be opened year after year brings with it a whole new set of challenges. But, you can do it.
And, if you need help putting your plan together, get it!
You can buy this great tool- and return it within 60-days if it doesn’t do the job for you. You can also work with a CPA that is familiar with multi-unit business ownership.
Here’s one more thing you can do, if dreams of owning many-franchise-units are dancing in your head;
22 of them.