Why You Should Consider a Second Franchise Location, Even When it's "Too Soon"
Hearing that something is "too soon" in life is a common excuse. Folks say that it's too soon to propose, to make an offer on a house, or even to call up your business partner and tell them you want to expand. But what is the evidence behind these statements? Who's deciding the proper timeline? And what instances prove that we are or aren't ready to start moving forward? We see the phrase "too soon" as a poor excuse, and it's time we do away with it once and for all. Because it's never too soon for research, even if you might be years away from a reality. Nor is it ever too soon to plan for the future and dream about what it is you want … then find a way to start making it happen.
It's high time we stop announcing why something can't yet happen, and reversing those time-believed milestones instead.
Staying Ahead of the Curve
If you don't have your eye on a second franchising location, chances are, someone else does. So long as business is booming and there's room for market growth, someone else is going to want a piece of the pie. Would you rather share that (very profitable) pie with new competition? Or work together to create a super-chain through your multiple locations? That way you're brand is working for the same team and you won't have to advertise for the location on X street, not the one on Y.
Most brands even offer multiple location discounts, allowing you to buy rights years before you open. So long as you are set to open your doors within the terms of your contract, you're free to keep on with business as usual, allowing for plenty of profit growth. It's a perk that saves you money, while still allowing for plenty of time to become "ready."
Bang for Your Buck
Since you've already opened a first location, opening the second will be that much easier, right? You learned the hard way and worked through any kinks, so now you can work forth with a smooth and streamlined opening process. You've also got inventory on hand, an idea of which software works best, and quick access to ready-trained employees. You can even move managers to the up-and-coming branch for a better way to get it up off the ground sooner rather than later. Outside professionals, such as an accountant, lawyer, banker, and more will already be on your team, and often offer discounted rates for those who bring in more business.
Essentially opening your next location comes with far more profit for slightly more work.
Setup Takes Time
After your initial franchise opening, you know just how long it can take to get everything up and running. And not necessarily from logistics, but on your own end as well. It takes time to schedule out what needs to be done, and then to actually get it done. Planning with more than enough time for each of these tasks will leave you less stressed later on, and will allow for wiggle room, should something not go as planned. (And let's face it, it almost never does.)
Never Quit Dreaming
One of the best perks to owning your own business is that you're in charge. You are your own boss, so act like it! What business advancements would make you most happy? How can you upgrade your day-to-day skills, income, or output to make yourself more fulfilled? Each of these positive changes is up to you – all you have to do is decide what they are, and then make them happen.