3 Signs You're Ready For Your Second Franchise
There are many benefits of being a multi-site franchise owner including higher profits and cash flow, discounted franchise fees and a shared workload to name just a few. While the prospect of joining a company that has multi-site opportunities available is something that draws a lot of people in, it’s also important to remember that with additional sites comes additional challenges and responsibilities.
So if you’ve been thinking about it but you’re not sure whether you’re ready, here are 3 signs you’re ready for your second franchise.
1. You have exceptional time management
An extra franchise means extra staff, extra clients and extra responsibility, so before you commit to a second, you should have exceptional organisation and time management and lead a strong team. As the owner, you’ll be pulled in a whole lot of different directions, but you can’t be everywhere at the same time, so in addition to managing and prioritising your own time, you should be a master delegator and feel confident with the team you’re leading.
2. You’ve got a strong existing site
There’s no point in having two averagely performing sites, so before you commit to a second, you should have nailed the day-to-day operation, staffing and cash flow of your existing studio. Not only will this make opening a second studio a whole lot more streamlined by simply replicating what you’ve already built, but it will take the pressure off the second site to generate profits quickly, which you’ll be relying on if your first studio isn’t strong.
3. You feel supported by the franchisor
Above all else, if you had a positive experience the first time around and you felt supported and encouraged by the franchisor and saw firsthand proof that their systems work, then go for it!
If you’re still unsure, why not reach out to other multi-site owners in the network like Rosa McCartney who are always happy to chat.
So whether you think you’re ready for your second studio, or you simply want to open your first with the intention to expand, book in an obligation free call today with John L Scott, Franchising Director joinus@studiopilates.com.
