The fun part about business franchising is the dynamic opportunities you’ll find. It’s possible to start off owning one location, expand into other geographical locations, and even cross over into other businesses later. Of course, there’s plenty of opportunity to keep things simple as well.
This post will focus on the variety of ways to own a franchise business, which may inspire you to pursue a new opportunity with a reputable franchisor, like Scout & Molly’s Boutique.
Single-Unit Franchise Stores
This is where every beginner franchisee should start. Even if you have a bevy of capital for a down payment, and want to start five stores at once, it’s almost always better to start off small. Most budding franchisees will hone their skills by partnering with an established company, striving to replicate their proven business system.
Multi-Unit Franchise Stores
Once you gain success with a proven business model, make initial profits, recoup your investment fees, and earn bigger profits, it’s time to dream even more. If you desire even greater success volume, then you’ll have to shift from the mindset of owning/managing one location to running multiple boutique stores.
This is possible by stretching out geographically and developing new operational teams in other places. Of course, you can’t micro-manage every spot, so it requires the ability to delegate and train productive teams for new franchise locations.
Buying an Existing Franchise Business
You can also purchase a franchise that’s already operable. This is one way to jump right into the multi-franchise approach, too. Be careful, however, because folks may elect to sell their franchises after they’ve struggled for a while. You can expect a solid challenge involved with re-tooling a small business to make it profitable again (or for the first time).
A small proportion of franchise owners, often retirees, will acquire franchise units as absentee owners. There are many variations of this approach. It’s critical to have the right team around you for this, however. Sometimes, this may also turn into a “semi-absentee” ownership, where you would work part time in the day-to-day operations.
Do any of these franchise models or opportunities interest you at all?
If so, then you might be an outstanding fit as a franchise owner with Scout & Molly’s Boutique, a women’s clothing business, operating in several locations. Even if you have no experience managing a clothing shop, we can train and facilitate any motivated entrepreneur. You can learn more about partnering with us by calling us at 610-768-0114.
Posted on May 10th, 2023