Once you start achieving success at running a franchise business, you may wonder if owning multiple franchise locations is a good idea. After all, you’ve already worked hard to build a relationship with your franchisor, and you’ve gained the experience, know-how and skills it takes to run your type of business.
There are certainly many advantages to owning multiple franchise locations, but there are some cons to consider as well before taking the plunge. Here we’ll cover three of the biggest pros and cons to think about.
- Greater Profitability
Multiple locations give you the potential to earn a lot more money. Not only can you expect a larger customer base and more jobs, but you can save on expenses by purchasing supplies in volume.
- Reduced Competition
When you have a larger territory, you are better able to saturate the market and stand out from competitors.
- More Economic Stability
Owning multiple franchise locations makes your company more stable, especially during economic downturns. That’s because the profit from locations that do better can help to balance out locations that might not do as well when times are tight.
- Larger Investment
Owning multiple franchise locations requires additional investments of money and time. And even though your experience should make opening additional franchises easier than your first, a certain commitment of time is still required for each new location.
- Heavier Workload
On an ongoing basis, you will have more locations to manage, and overall, you can expect more work to do.
- More Employees
Probably the biggest challenge of owning multiple franchise locations, or running any business for that matter, is finding employees that you can depend on and trust. Let’s face it, you’re only one person and you can’t be in multiple places at the same time.
We hope you learned something new about owning multiple franchise locations!
If you’d like to learn more about opening a MaidPro franchise business, a member of our franchise team would love to speak to you. Contact us today.