There are countless people out there running their own businesses, and their personalities are as varied as the place where they live and the businesses they run. But they all share one common trait: the desire to keep their business growing.
For some, it’s enough to see expanded product offerings or a greater market share. But those are successes on paper, and for other entrepreneurs, it’s just not enough. They want to expand geographically and physically, starting other locations throughout their cities or regions.
These are the entrepreneurs who aspire to the McDonald’s path, of growing the company into more and more locations that ultimately span the nation–and the globe.
If you dream of owning a business that could grow into multiple locations, there are a few things you need to think about as you choose what franchises to consider.
The Strength Of The Company
Businesses are like plants. Some grow fast, make a big show, and then quickly wilt away. Others have steady, sustainable growth that is built to last and will endure as time goes by.
As you consider franchise benefits, you should also examine the history of the company. Look for one that has had a natural growth into their current line of business. A company that has burst onto the scene with a wide array of products and a flashy image is likely to see that wilting process later on. But one that started small and slowly evolved into its present incarnation is likely to be built to last because it has already found a way to last through a number of economic ups and downs.
The Nature Of Your Market
Your business will only grow if the market will support it. If we continue our plant analogy, your business will only grow in fertile soil.
And bear in mind that the same environment isn’t ideal for different businesses. An economically-challenged area that would never support high-end retail will certainly do well for stores that offer value pricing.
When you choose a franchise, it’s critical that you understand what type of market it requires. That way, when the time comes to branch out, you’ll be able to choose the right location for your expansion and go somewhere that will provide you with the opportunity to grow and flourish.
The Ability To Expand Leadership
In a single location, it’s easy to keep the ship in order because you’re always there. Very few decisions have to be made without your direct input. If you add locations, that will change.
For that reason, it’s essential that you have started out with a franchise that has strict, clear guidelines for how daily operations are to be handled. The less leeway there is for managers, the less likely it is that they’ll let standards slip–or call you constantly for instruction.
If you’ve chosen the right franchise–and if you’re personally built to delegate — you’ll be able to take a good employee into a managerial role and have him or her ready to manage things when you add a new location.
Owning a franchise is an impressive feat. Very few people ever see such a dream come true. For some people, though, ownership is just a step, not the final destination. If you are the type who wants a franchise that will help break new market ground in the future, you need to choose carefully and go with a financially-sound company that has a clear market identity and an established protocol for operations. If you go with a company that’s built to succeed, you’ll be built to succeed as well.