Are you a budding entrepreneur? Do you just love building a business and see the big picture? Then you might want to consider not just buying a franchise but investing in multiple franchises. Investing in more than one franchise can allow you to build lasting wealth if you work hard. If you have a business background and have access to sufficient financing, then owning multiple franchises might be right for you.
Investing in a multi-unit franchise business is very different, though, from buying a franchise as a single entity. When you own a single location, you typically run the business yourself. When you own multiple franchises, you obviously cannot run the day to day business yourself. You must hire managers and work with them to grow the business.
Also, owning a multi-unit franchise business requires more capital and will normally require that you open additional units within a certain time frame. This is called Area Representative. Being an Area Representative comes with more responsibility for growing the franchise and the brand. You must be committed to bringing in other franchisees, supporting them and keeping them in line with franchisor requirements.
When you become an Area Representative, you work very closely with the franchisor. You enter into a different agreement with the franchisor than you would if you had only one location. The franchisor will tell you about all the requirements, both operational and financial. They will also give you the right training and oversight to start growing your business. There are typically additional fees for multiple franchises but the returns on the investment are much greater when you have more locations.
Having the right skill set is necessary because you must direct managers at each location. You must have a proven business background and have experience with meeting goals, building sales, managing expenses, and growing profits. You must be able plan and set priorities for the multiple locations. Good organization and communication skills are required.
If you see the big picture beyond buying a single franchise, then become an Area Representative.
About Pigtails & Crewcuts
Founded in 2004 in Atlanta, Georgia, Pigtails & Crewcuts is a children’s hair salon franchise dedicated to making haircuts fun and stress-free for children and their parents. With nearly 50 locations across the nation, Pigtails & Crewcuts specializes in quality haircuts for boys and girls of all ages, and also hosts children’s parties. In 2010, Parents.com named Pigtails & Crewcuts one of the Top 10 Chains for Kids’ Birthday Parties. In addition, Pigtails & Crewcuts has been named to the “Franchise 500” list as a top franchise by Entrepreneur Magazine for five consecutive years. To learn more, go to pigtailsandcrewcutsfranchise.com
Michelle Holliman, Vice President of Franchise Development, 877.752.6800, MHolliman@pigtailsandcrewcuts.com