While expanding your franchise ownership to multiple units comes with many benefits, it is important to realize that it also requires a major commitment and careful consideration. The energy, time and resources you need to devote to your business will multiply.
That said, becoming a multi-unit franchisee is an exciting adventure that offers opportunities you simply will not have if you own a single unit. Keep reading for our seven tips on how to ensure multi-unit franchise success.
1. Make Lasting Connections
While you should always conduct yourself in a professional manner, at the end of the day, your business depends on people – more specifically, the relationships you form with your customers, employees, vendors and community. Positive relationships can take you far, especially if any of your units are located in a tight-knit community.
2. Show That You Care
Always make it clear that you care about your customers and the community at large. You will earn their loyalty and set yourself apart from competitors by doing so. A caring attitude can have just as much of an influence on consumers as price and marketing.
3. Exercise Strong Willpower
It is inevitable that every business owner will encounter setbacks at some point. Remain focused on the big picture and achieving both the short-term and long-term goals you set for your business. Approach challenges in a strategic way, always keeping the bottom line in mind. When the going gets tough, roll up your sleeves and work harder for multi-unit franchise success.
4. Know When To Delegate
That said, it is important to avoid spreading yourself too thin. There are some tasks you can delegate to your employees without harming your business. In fact, some employees may be better qualified to complete certain tasks than you are. By delegating, you gain more time to focus on projects like strategic planning.
5. Stay Top-Of-Mind
It is important for both your business and yourself to remain visible. To clarify, you should keep your business top-of-mind for your target audience through various marketing channels. As for yourself, you should make it a habit to visit your units on a regular basis even if it is no longer necessary to work onsite every day.
6. Be Transparent
People know when someone is acting phony. Always be honest with customers, even if it does not seem like it would benefit your business. For example, if you know for a fact that a competitor is selling the same product or service for less and a customer points it out, acknowledge that they are correct. They will appreciate your transparency.
7. Embrace New Technology
Your business will eventually get left behind if you are unwilling to use modern digital software and tools. Customers communicate and purchase in different ways now than they did for years, and in order to meet their needs, you will need to work with modern digital tools to achieve multi-unit franchise success.
Get The Franchise Financing You Need For Continued Multi-Unit Franchise Success
The right kind of financing is essential to get your business expansion off the ground. ICA meets this need with a franchise loan program that takes into account everything you might need, financially speaking. You will get the capital required to buy, open and keep your new business units running.
We figure total project cost including working capital into the loans we grant, ensuring you are financially prepared. The benefits of working with ICA also includes the following:
- Loans from $100,000 to $10,000,000
- Fixed-term rates start at 6.5%
- No personal collateral required (Don’t need to put up the house!)
- A fast closing process – 30 to 45 days
- Three to 10-year terms are available
- Out-of-state borrowers are ok
- No prepayment penalties imposed in most cases
When you get financing through ICA, you can reap the rewards of becoming a multi-unit franchise owner.