Drive the potential franchise areas you are interested in and visit with the local chamber of commerce to learn more information about upcoming new business investments, large employers drawing workers to the area, and potential new real estate development on the horizon.ĭoing your homework before you buy a franchise will help you prepare to enter into any franchise agreement fully informed about how a franchisor determines available territories and the possibilities for growth. Many real estate brokers can share demographic information with you and there are online resources as well. Learn about the demographics and competition in the area you’ll operate. ![]() It may also make sharing staff, supplies, and other resources easier for you operationally. If your franchise units are developed more contiguously, it may help you with marketing efficiencies and help to develop brand recognition more quickly. You’ll want to make sure the distance between your locations isn’t so vast you can’t easily travel between them. Determine what the upfront costs will be and if there are any franchise incentives. Does the franchisor have available territories in the areas you’d like to own? Find out if your territory will be exclusive, and what it includes. There are certain things you’ll want to find out about available locations before investing in franchises. What to Ask a Franchisor Before Investing in a Multiple Unit Franchise Believing in the brand’s mission and messaging, good communication, being able to adapt to a standardized franchise system, and having an openness to learn and implement new information will help position you for the hard work it takes to own multiple franchises. Passion and love for the brand you are franchising is very important for owning multiple units.You’ll want to set up a well-defined system with your team for both building your locations and running your units that compliments the system established by the franchisor. As the head of an expansive team, managing numerous locations you’ll need clear communication skills, the ability to delegate, and problem solve. ![]()
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