While multi-unit franchising offers stability, a larger workforce, and the potential for increased profit, it also requires a larger investment and greater responsibility for brand reputation. Franchising gives business owners the opportunity to increase their ownership of their company and gain access to resources.
Franchising is a popular option for entrepreneurs to expand their business ownership. The “2023 Franchising Economic Outlook Report” predicts the number of franchise establishments to grow by almost 15,000 units this year, adding approximately 254,000 jobs. Franchising offers access to resources, and banks may be more willing to provide loans to franchise owners than independent startup owners. Franchise owners can also learn the ins and outs of a new industry and receive tools to build upon their existing skill sets. Multi-unit franchising offers stability, a bigger workforce, and potential for increased profit, but it also requires a larger investment and greater responsibility for brand reputation. Success as a franchisee requires hiring proper staff, developing a culture of motivation, and being comfortable with taking larger investment risks.