Franchising is a tough business. There's competition, overhead, rising costs, changing consumer tastes, social media, and now legislative and regulatory threats to deal with--while you're busy hiring and training employees, updating your menu, remodeling your stores, and dealing with insurance, taxes, and suppliers. As that old TV commercial said, "But wait, there's more." There's always more--which is why you have to love it to succeed.
Multi-brand franchisees have the additional challenge of dealing with different systems, additional locations, and often different state and municipal laws and regulations. Not a piece of cake, even for the best. But as this issue's interviews with multi-unit and multi-brand operators show once again, it takes passion, determination, and perseverance to overcome these obstacles. Good thing they love a challenge!
Despite all these barriers to success (hey, who said business was easy?), there are many benefits to multi-brand franchising. Financially, diversifying into different concepts spreads the risk by allowing operators to hedge their bet on any one brand. Personally, offering a variety products and services and working with different kinds of people provides a sense of motivation and ongoing learning. Add to that the cross-pollination of best practices from different brands, which can be applied to their own organizations.
We've pulled together a set of profiles that include a former pro athlete and a young, "Under 30" franchisee. These hard-working, dedicated operators represent a mix of small and large organizations, as well as different industries. The stories are united by their passion for great products and concepts, a customer-driven focus, their eagerness to provide jobs and advancement to their employees, and their burning desire to grow their business.
And, since this is our annual Multi-Brand 50 issue, we've teamed up with FRANdata to provide some great data on multi-brand franchising. Turn to page 42 to see the rankings of the country's largest multi-brand operators, along with the brands they've chosen.
The only publication dedicated exclusively to the hottest topic in franchising - Multi-Unit and Multi-Brand Franchisees.
A unique event because it is highly influenced by its advisory board, consisting of the very best multi-unit franchisees. The board works diligently to ensure that the conference delivers on its promise of being the best platform for franchisees to learn how to grow their businesses.