SOUTHBURY, CT--(Marketwire - May 17, 2010) - Owning a single unit franchise can be a sure path to self-sufficiency, but many seasoned franchise owners know that the money is in the numbers -- or numbers of units. Today, according to the International Franchise Association (IFA), 18 percent of franchisees are multi-unit owners controlling nearly 50 percent of all units. So, if you want to grow your finances, consider becoming a multi-unit franchisee.
"Today's recovering economy might be very well suited for franchisee growth," said Brian Miller, COO and President of The Entrepreneur's Source. "While other business owners might find it hard to acquire credit, established franchisees can oftentimes bank on their relationship with their franchisor to support their growth."
As known and proven operators, franchisors may be open to negotiate franchise fees and other agreement terms allowing franchisees to expand through purchasing existing units, or expanding untapped territories. And for retail business concepts, the plethora of available commercial real estate is forcing landlords to become more flexible in their agreements and more likely to negotiate terms. In addition, if the franchise business model requires employees, the high rate of unemployment can take pressure off finding and retaining talented, qualified employees.
"In an upward-bound economy, franchise ownership has its benefits," says Miller. "For one, you're not in business alone. Most franchise concepts have support systems in place and a network of other franchisees to reach out to and learn from each other's experience. With multi-unit ownership, those relationships only get stronger," Miller added. "And as a multi-unit operator, your Income, Lifestyle, Wealth and Equity build up that much faster."
Business coaches with The Entrepreneur's Source specialize in helping individuals explore whether business ownership is a viable career alternative. They also help existing franchised businesses increase their profits through implementing various rapid impact strategies offering guidance on sales management, market and business planning, exiting a business or expanding operations, all with the ultimate goal of helping business owners achieve tangible, long-lasting success.
To learn more about The Entrepreneur's Source, please visit www.entrepreneurssource.com.