Give Yourself the Gift of Multi-Unit Franchise Ownership This Holiday Season
The holidays are right around the corner! Undoubtedly, you’ve at least started putting together a shopping list for the gifts you’re going to buy friends and family. However, there may be one very important person that you forgot to add: You. Since you’ve spent the last year working yourself to the bone, you definitely deserve to treat yourself to something special.
The question that remains is, what kind of gift? We at Best in Class Education Center have a good way to help you figure this out. Just ask yourself one question: Am I exactly where I want to be in life? If the answer is anything but “yes”, your gift should be change. One way of accomplishing this is to not only consider buying a low cost franchise, but also the possibility of multiple locations. Feeling a little overwhelmed by that? Don’t. We’ll explain why it’s very do-able!
Some of the Best Franchises Are Very Affordable
We’re not here to tell you that every franchise is a good franchise. On the contrary, we’re saying that there are some brands that offer the affordability and profitability that’s needed to successfully run one or more locations. You just have to know what to look for.
Generally speaking, what’s affordable to you may rely heavily on your net worth. This can be calculated by subtracting your liabilities from your assets. From there, you can decipher how much you’re able to invest. Some experts suggest that, when it comes to a good low cost franchise, you’ll want one in which you are able to invest 15 percent of your net worth. Of course, that’s not the sole indicator of a lucrative franchise. You should also check for additional factors:
- What is the closure rate?
- What is the franchisor looking for in a franchisee?
- What is the franchisor’s litigation history?
- What kind of support does the franchisor provide?
It’s worth noting that many of these details can be found in the Financial Disclosure Document that a franchisor is required to provide to prospective franchisees.
A Franchisor Can Provide You With a Good Foundation
Support is key! If you’ve looked into a low cost franchise investment before, it’s probably no surprise to hear that the top franchises will give you some essential operational assistance. This is critical in finding a brand that’s right for you. When you find a brand you’re interested in, ask yourself a few questions:
- Is there training provided?
- Will you get marketing and PR support?
- Is there assistance in finding and opening a location?
- Does the brand include tools and materials that will help you effectively run your franchise?
This isn’t an all-encompassing list, but it is the basic information that you’ll want to know.
You’ll Have the Time for It
It goes without saying that this isn’t applicable to all low cost franchise brands. Rather, depending on the industry you choose, you may have ample time for multi-unit ownership while still experiencing a work-life balance. For example, Best in Class requires its franchisees to spend only 12 to 24 hours per week on one location. This has inspired several entrepreneurs to enter into a Best in Class franchise agreement with the goal of opening multiple units. Obviously, a decision like this has the propensity to result in additional revenue, a great return on investment, and eventually financial freedom.
As you can see, multi-unit franchise ownership could be the gift that keeps on giving. Don’t forget to add it to your holiday shopping list!
Best in Class Education Center is a low cost franchise that has a long track record of success. We’ve been recognized as one of the top franchises, and we have 50 locations all over the country providing exceptional supplemental education services. We provide an immense amount of support to franchisees including assistance with location scouting, marketing, PR, and training. In addition, we also have proprietary curricula and technology. Our 22-year-old business model has proven effective and rewarding for students and franchise owners alike. This makes it relatively easy for entrepreneurs to own and operate multiple lucrative centers!
Interested in learning more? Get in touch to find out about the Best in Class franchise program today!