You opened your first franchise and it’s running smoothly. Now what? After you’ve conquered the milestone of opening your first location, you may be looking for a new challenge, and a new chance to increase your personal wealth.
Consider franchise expansion as your next professional step. Opening a franchise the first time is a huge leap of a faith, but now you have a store that’s helping your reach your financial goals. It’s time for your next challenge. Explore the benefits of franchise expansion, and consider making the move yourself.
The Benefits Of Opening A Second Franchise Location
It’s easier than opening your first location. Remember how much you had to learn about your franchise brand and running your own business when you opened your first location? The second time is far easier. You know the ins and outs of the franchise process and the tactics to be an effective franchise owner. You don’t have to learn new inventory management systems or how to sell your product. All of your experience streamlines the opening of your location, making it easier, and sometimes faster.
The franchise fee is often discounted. Often, to incentivize franchise expansion, supportive franchisors offer discounted fees for opening your second location. They have to invest less time and training into your process since you already know the ropes, so they’re saving resources, too. And they’re expanding their brand with a franchisee who already has proven successful. The Franchise Disclosure Document (FDD), which is your handbook to the franchise process, may have some guidelines about expansion.
You already have a team in place. One of the greatest challenges you face as a new franchise owner is hiring dependable, competent team members whom you’re able to trust with you business. Once you have a team in place, though, you have a support system to rely on when you open your next franchise location.
Some franchise owners move employees who have already been on-boarded and trained to the new location. Leverage the experience of your team to help you expand. Or, if you want to take a hands-on approach to opening and running your next location, you’ll be able to rest easy knowing that your original store is in capable hands.
There’s less uncertainty. You know the brand. You know the market. You know the franchisor. You’ve proven to yourself and your franchisor that you know how to successfully run a franchise. And you’re ready to take that knowledge to your next location. You know what to expect, what challenges you may face and how to overcome them. When you opened your first franchise location, you face a lot of uncertainty. But with the second one, you know the ropes and you’re ready to build a profitable business.
Hear more about franchise expansion and how to successfully run multiple franchises from a current Relax The Back franchise owner.