When is the right time to diversify portfolios of a multi-unit franchisee? That seems like a challenging question, but Nick and Charles are ready to break it down.
Join Nick Powills and Charles N. Internicola as they discuss the best times for multi-unit franchises to diversify their portfolios
1. Understanding the brand.
Each business is different and knowing the right time comes down to the individual or individuals that run the business. his means that that person or group of people have to understand from either prior experiences or examples of when to diversify their portfolios.
2. Trying to find the people willing to take on multiple units.
The toughest part of having a person with multiple units of the franchise is finding the actual person that is willing to take that on. There can sometimes be a competition between businesses, who want the person that will take on that role, so by finding the person before the competitors is the best opportunity for the business.
3. Nourishing the first few franchises.
The first few franchises are the backbone of the franchise and the pioneers who helped start your business' franchise journey, so by supporting the first few franchises fully, they can eventually turn into multi-unit franchises.
CREATE YOUR FREE FRANX PROFILE: https://franxlaunch.com/
SUBSCRIBE to our Channel: https://www.youtube.com/channel/UC9JuzJQGcBr5cw26trxM7BA?sub_confirmation=1
JOIN Franchise Growth Mastermind Community: https://www.facebook.com/groups/1464519290241259
