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We talk to successful multi-unit operators regularly here at Franchise Update Media. These busy on-the-go people share great insight and wisdom with us through our profile stories in Multi-Unit Franchisee magazine. Here, from our archives, are some insightful responses from some of these franchisees.
How do you measure the growth of your business?
Number of stores and revenue. Profitability is ultimately the major growth indicator.
Where do you see yourself in 5 years? 10 years?
I am constantly looking for new businesses to add. I would like to have a diverse, robust portfolio that generates enough free cash flow to allow me to put young entrepreneurs into opportunities that they otherwise would not have a chance to capitalize on--whether I do that in 5 years or 10, and I would like to do it in 2 years. I don't really have a timetable associated with it, but that is the goal.
Joe Walker, multi-unit franchisee of Marco's Pizza
How do you measure the growth of your business?
At Floyd's 99, the number of sits or headcount is our top metric. We want to ensure clients are continually coming in, so we look at metrics that measure year over year.
Where do you see yourself in 5 years? 10 years?
Our 5-year goal is to finish building out our market here in Central Florida, which we feel is 10 to 12 shops.
Kyle Sleeth, multi-unit franchisee of Floyd's 99 Barbershop
How do you measure the growth of your business?
Daily, weekly, monthly, and yearly. Taking a look at YOY sales and customer counts. Looking at the bottom line after COG and COL analysis. Sometimes measuring in terms of investment in additional locations.
Where do you see yourself in 5 years? 10 years?
I would like to be working for a franchisor, using my education and business experience to benefit a brand in another way.
Jodi Gagne, multi-unit franchisee of Mrs. Field's, Pretzelmaker, and TCBY vending machine