If you’ve decided to go into business for yourself, you may have landed on franchising as a way to become the entrepreneur you’ve always dreamed of being. Entrepreneurs get to set their own schedules and pick work that fulfills them, and getting to run your own franchise often meets these needs perfectly. Perhaps best of all, becoming a franchise owner means that you get to reap the benefits of running your own company without having to spend the years of effort launching a business and building up its reputation.
As you look to build your business empire as a potential franchisee, you’ll likely want to figure out the right business model to help you reach millionaire status. After all, many franchise owners are able to build wealth and get rich by running multiple franchises, which may rightfully lead you to wonder about how many franchises you should aim to own. Here are a few things to think about as you consider what number of franchises is the right amount for you as a business owner.
What sort of franchise are you looking at getting into?
Different franchise opportunities have different costs associated with them, including differences in time management for you as a franchisee. As a result, it’s important to look at franchising opportunities that seem to be a natural fit for your interests, skills, and experience level if you’re really considering scaling up your franchise ownership. You’ll also want to pay attention to what kind of competition exists in your area. For example, if there aren’t a lot of bakeries or McDonald’s restaurants, you may be able to bring several franchises to the same geographic location. On the other hand, if other franchisees have gotten to a certain business first, it doesn’t make as much sense to go all-in on the same franchise, since you won’t be able to scale it up as competitively. One area that’s increasing in demand recently is package delivery, so if you’re considering what the best franchise opportunity might be, a UPS store is a good bet. The initial investment isn’t excessive for these, and you will always be in demand as long people ship packages. Plus, UPS has plenty of brand recognition and customer demand, so you’re likely to have a successful franchise on your hands in minimal time.
How much money do you have?
Part of how easily you’ll be able to scale up your franchise ownership has to do with your budget. After all, there are some scenarios in which you may have enough cash on hand to open two franchises at once, which can actually help you market your franchise to a public who’s unfamiliar with your brand. On the other hand, if you’re relying on veteran discounts or other franchise assistance programs in order to cover your initial investment and franchise fees, you may want to wait until your store is profitable to start funneling money into a new business opportunity. Picking a low-cost franchise is another way to start scaling up sooner if you do dream of someday running multiple franchises.
Do you have time to hire and oversee more staff?
Part of the time commitment of running multiple franchises is handling interview scheduling and orientation of new hires. While that can get tricky when you’re hiring for multiple locations, with the right tools in place, you won’t have to worry about overextending yourself as you look to expand your franchise footprint. For example, using a platform like goodtime.io can make scheduling and facilitating the interview process simple and effective for you, your interviewers, and your interviewees.
Goodtime.io is incredibly efficient, allowing job applicants to self-schedule the best time that works with them, syncing your availability with the slots that interviewees pick themselves. This streamlines the back-and-forth process usually associated with scheduling candidates for interviews, meaning that you can focus on meeting qualified candidates and hiring the right person, rather than getting bogged down in logistics. Goodtime.io can even help you decrease unconscious bias in the interview process by selecting the best person to interview each candidate so you can get the full picture of each applicant.