Multi-unit Ownership: Is it Right For You?

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There are many reasons to consider multi-unit ownership and especially in today’s business environment when many prime locations are becoming available by the day. Single and multi-unit franchisees seeking to capitalize on these opportunities may or may not be right to expand their business by adding locations unless they’re effectively prepared to do so to ensure success.

Typically, expansion is the result of an opportunity or challenge that presents itself – an empty building, a fellow franchisee going out of business and even a competitor expanding into the local market. Unfortunately, many fail transitioning from single unit operations to multi-unit as well as expansion from one market to another or even from one side of town to the opposite side of town.

The key to multi-unit success is being prepared, developing a plan and most importantly, answering very important questions with honest responses. Listed below are some of those questions:

Why does multi-unit ownership excite you? What does a day-in-the-life of a multi-unit operator entail? What do you hope to achieve thru multi-unit ownership? What is your long-term vision with multi-unit ownership? What skills are required for successful multi-unit ownership? Would you consider your current operation a success?

How important are systems to a multi-unit operation? Will you operate two businesses or one enterprise? How will your responsibilities change in a multi-unit operation? Do you enjoy managing people? Do you delegate well? How important is record-keeping to a multi-unit operation? How important is accountability to short and long-term success?

Is bigger really better (and easier)? Is it truly perception or reality? Does one plus one equal two, three, one, or zero? Beyond financial benefits, how does economy of scale present additional advantages?

How important is location to your long-term vision? Why is location of the second or next store or restaurant critically important to a multi-unit operation? Is there really economy of scale in marketing and public relations for a multi-unit operation? What will be necessary to capitalize on economy of scale possibilities?

Can your decision stand the test of time? How do you know when you’re ready to further explore multi-unit ownership? What steps must be taken to get from thought to reality? How must you prepare for multi-unit ownership?

What happens if the second or next location fails? What happens if the first or other location(s) is/are adversely affected by the new location(s)? What happens when you want to retire or move on? Does this complicate your exit strategy goals?

How will multi-unit ownership affect your personal life? Understanding risks involved, are you willing to proceed? Are you comfortable with being an entrepreneur as opposed to just a business owner? Are you considering multi-unit for the right reasons? Are you (truly) committed to move forward? Do you NEED to do this now? Do you REALLY NEED to do this now? AND… do you truly love what you’ve been doing up to this point?

Upon honestly answering these questions you’ll have a snapshot of things you may need to put into place and/or improve upon along with a better idea of whether or not multi-unit ownership is right for you.

Note: Franchisors should require franchisees requesting multi-unit ownership to answer these questions and utilize the responses as part of their approval process.

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Texas-based Pepperoni’s franchising as a 30-year overnight success!

After many years of building a successful brand, Pepperoni’s Founder & serial restaurateur, Ray Salti developed a more efficient scaled down business model that addressed many of the issues facing restaurant operators today – high real estate costs, escalating labor costs, diminishing workforce pool, quality control and increased demand for take-out & delivery.

Proving the new model for over five years with increasing revenue and profitability, Ray decided to launch the new Pepperoni’s into franchising in mid-2019. To ensure success as a franchise system, significant financial resources were committed to technology integration, modern unit layout & design, operations support & training and a call center.

In addition, construction on a modern corporate office was completed in early-2020. The goal is to have a state-of-the-art facility for the growing Pepperoni’s team with plans to include a test kitchen, training areas and a commissary. Combined with delivery of exceptional New York style pizza, positively memorable customer experiences and excellent unit-economics, Pepperoni’s is well-positioned for franchise success.

Single and Multi-unit Franchise opportunities are available along with Area Development opportunities such as those that recently resulted in several multi-unit development agreements in Greater Houston Area. Short-term growth plans include all major and secondary markets throughout Texas followed by expansion across Southeast U.S. Investment level starting at $153,000.

Interested in owning a Pepperoni’s? Learn more HERE.

#pizza #franchise #lowinvestment #QSR

Acceler8Success Cafe Daily Tuesday 10.27.20

5 Best Business Ideas for 2021

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Entrepreneurship Finds Roots in Families, Reveals GEM Report

Worldwide, 75% of entrepreneurs and 81% of established business owners are entrepreneurs, co-owning or managing their businesses with family members, according to the latest Global Entrepreneurship Monitor (GEM) Family Entrepreneurship Report, co-sponsored by Babson College. The report also reveals traditional views of the founder as a lone genius may not be the case. Family members, whether parents and their children, siblings, cousins, or spouses, are finding strength and success building companies together.

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Interested in selling your business? Or possibly, buying a business. Well, Empire Business Brokers and Advisors of Texas can help. Working with current and aspiring entrepreneurs, investment groups, privately-held companies and family-owned businesses, representing both sellers and buyers, the Empire team offers a suite of business brokerage and advisory services including valuations, commercial financing, franchise sales and many others.

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Entrepreneurship can be a tough and long journey for most of us, but it surely is a fulfilling one. More often than not, it’s a journey of perseverance, self-discovery and it’s an open secret that no year has been as testing as 2020. The world was presented with a huge unforeseen problem with no apparent solution: an ever-changing pandemic forcing global business communities at large to pause in confusion, panic, and distress.

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Keep The Faith In Small Business

According to the U.S. Bureau of Labor Statistics, the number of business closings peaked at around a quarter of a million at the end of 2008 but returned to pre-recession levels by the end of 2011. Nearly as many new companies were started in 2012 as in 2006.  And even in this year of a pandemic, the country has recently seen tens of thousands of new business starts each week. The 36th week of this year saw over 101,000 new starts, nearly double the same week in 2019.

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Franchise Foundry represents a number of quick service restaurant (QSR) brands realizing year-over-year sales increases.- Low initial investment – Funding support- Site selection assistance- Small real estate footprint- Support & training- Multi-unit opportunities- Multi-brand opportunities.

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What is a Strategic Plan and Why You Need One

When you are starting or running your business, you need to have a plan that ties your current state to where you want to go. That plan cannot just detail the things you will do, but it must follow a strategy that sets you apart given the market conditions you are facing. One way to think about strategic planning is that it identifies any gaps between a current state and desired future state, and then dictates how to close those gaps – how to get you from where you are to where you want to be. To that end, various factors are taken into consideration in order to formulate an effective plan.

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Mark Cuban: These are the 2 books I’m reading right now

Self-made billionaire Mark Cuban has consistently attributed his success, in part, to his devotion to life-long learning. In fact, the “Shark Tank” investor previously called it “the greatest skill” to have. For Cuban, life-long learning means spending “four to five hours a day” reading, he told CNBC Make It in 2018. “I read everything I can. I don’t care what the source is.”

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