If you are the owner of multiple franchises, there is a good chance that your days are busy. Perhaps you didn’t know that owning more than one franchise was such a stressful ordeal. Indeed, there is a good chance that owning multiple franchises is incredibly rewarding, but there are a number of ways to make multiple franchise ownership both rewarding and stress free. The key lies in a number factors, like good management and record keeping. Once you have all the bases covered, you can continue to enjoy all the fruits of your labor and smart investments. Here are some multiple franchise ownership tips.
First and foremost, management is critical. When you invest in a new franchise, it is important that you start looking for qualified managers right away. When you hire managers, you want to make sure that they know exactly what they are doing, so you want to pay attention to their resume and their past work experience. You may also want to call past employers and references. In today’s job market, it may not be hard to find a manager, but finding a quality manager may be a little bit more of a challenge.
Also, it is vital that you keep excellent records. When you have multiple franchises, the last thing you want to do is misjudge finances or undershoot your budget. If you don’t have enough money for a certain marketing campaign, perhaps you should hold back. If you have a surplus of profits one quarter, perhaps you can get away with a more expensive marketing plan. However, if you don’t pay extremely close attention to your cash flow, you may not know what you are working with. Also, you want to make sure that you are in good standing with state and federal tax agencies. In that case, you need to have a qualified accountant, or money manager, on hand.
Next, you need to have excellent employee management and time keeping management. These two things are vital in the franchise world. For instance, The Learning Experience franchise chain requires not only qualified employees, but also employees that are good with kids. This means that you need to have background checks in place and you need to do extensive reference checks. Also, no matter what franchise you own – or how many – you need to be able to keep track of employees. Lateness should not be tolerated and it can affect your business in negative ways.
Lastly, as the owner of multiple franchises, you have to balance your life and work. The reason why you invested in franchises in the first place was so that you can take step back and let the management do a bulk of the work. Allowing yourself the space to think about your next investment will allow you to be the best owner of a certain franchise. You can think of it like you are the idea person behind the whole operation. In that case, you need to be able to separate yourself from the micromanagement of the entire operation. Letting your employees do their jobs will equate to a much more successful enterprise.