You don’t have to be Mark Cuban, Lori Greiner or even ‘Mr. Wonderful’ to be a top investor. If you want to be a shark, you should enter the franchising tank.
There are many benefits to diving into franchising as an investor group or as an established multi-unit franchisee. For one, investing with a franchise system is an excellent way to build your portfolio. Owning several different types of businesses shows diversification, and running complimentary businesses can increase growth on many levels. For example, owning an art supplies store and a paint-and-sip studio are complimentary, giving you the ability to send customers of one location to the other in order to grow both businesses.
Building a portfolio not only helps to establish name recognition, but franchising also opens the door for several opportunities to grow your employee and customer databases, whether it be with other franchise owners or corporate companies looking to acquire a franchise system. With a robust portfolio and a trusted name, cross promotion to build your value proposition (revenue and ROI) is the obvious next step, especially if you plan to sell your franchise in the future.
Owning a business can be intimidating, but investing in a franchise means you don’t have to enter the tank alone. Franchises have proven systems in place, as well as demonstrated success. There’s less risk involved with franchise systems, as well as more support. Decreased risk, as well as all of the perks listed above, can provide increased monetary benefits, making franchising an attractive opportunity to high investor groups and established multi-unit franchisees. If you’re hoping to be a shark in 2019, consider entering the franchising tank.
When it comes to franchising concepts, there are plenty of fish in the sea. Chomping at the bit and ready to dive into business ownership? Contact me to set up an initial appointment.