The news is depressing, the economy is sinking, financing is hard to get, the market is down, gas prices are up, and competition is fierce. So why are all these multiunit franchisees smiling?
In my 30-year career as an entrepreneur, I have seen the roller coaster of business go up, down, and around. Today, it certainly seems like times are tenuous at best and bordering on downright depressing. One thing has remained constant in the last three decades: for every door that closes, another opens. I believe that while there will be fallout in the near term in the franchise business, there will be great opportunities for those who are prepared.
Operators of multiunit and multi-concept franchises are trained to deal with adversity and challenge. Good operators expand within their existing brands and are prime candidates for expanding to other concepts. Multiunit operators are a unique group, and their skills will remain in high demand by franchisors, lenders, venture capitalists, and others that provide the fuel for the franchise business but do not want to drive the bus. If you operate a successful multiunit franchise operation, you should be prepared for the opportunities that will arise during a down market. More.