Not every franchisee has what it takes to juggle more than one brand, but those who do can reap big rewards.
Opening a single franchise unit is often one of the most challenging–and sometimes rewarding–things an entrepreneur can do. Opening multiple units of a franchise is for advanced franchisees only. And opening several franchise units across several different brands? That’s like earning a doctorate in the small-business school of hard knocks.
But despite the difficulties of juggling multiple brands, more and more tenacious and highly organized franchisees have decided that multiconcept franchising is the right growth strategy for them. What’s more, instead of demanding 100 percent brand loyalty, some franchisors are beginning to see value in multiconcept franchisees and actively courting them. Read more.