Franchise Depth vs. Diversification: Should You Grow One Brand Or Own Multiple?

7 snips

Dec 10, 2024

In this engaging discussion, Bobby Brennan, an experienced franchise owner known for his multi-brand expertise, shares valuable insights on whether to dig deeper into a single franchise or diversify into new brands. He emphasizes the critical role of self-awareness in making franchise decisions and navigating employee dynamics during expansion. Bobby explores the trade-offs between service-based and brick-and-mortar models, highlighting key challenges and opportunities. His candid advice and real-life examples provide a masterclass for franchisees considering their next strategic move.

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ADVICE

Diversification Considerations

Consider diversifying your franchise portfolio.
However, remember that the grass isn't always greener on the other side.

ADVICE

Capacity and Timing

Assess your capacity and skill set before starting a second franchise brand.
Avoid starting two brands simultaneously unless you have dedicated partners.

INSIGHT

Employee Compatibility

Employee compatibility is a crucial factor in franchise diversification.
Consider the employee demographics of your current and prospective businesses.

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What’s the right move: diving deeper into your existing franchise or expanding into a new brand? In this episode, Erik Van Horn and Bobby Brennan tackle one of the hottest topics in franchising—multi-brand ownership. Drawing on years of hands-on experience, Bobby breaks down the challenges and opportunities of managing multiple franchises, from understanding employee models to building scalable operations.

You’ll learn how to evaluate whether to stick with what you know or diversify into new markets, how different business models affect management styles, and why self-awareness is the ultimate key to franchise success. With real-life examples and candid insights, this conversation is a must-listen for any franchisee or franchisor considering their next move.

Don’t miss this masterclass in strategic growth—tune in to level up your franchise game!

“Until you have a manager in place and the business running, it's typically not a good idea to start two brands at once unless you have dedicated partners or people who can do it. Expanding into two brands is a good idea for a lot of folks, but maybe not at the same time." ~ Bobby Brennan

In This Episode:

- Why self-awareness is key in franchise decisions

- Go deeper or diversify: what’s the right move?

- The importance of employee compatibility

- Service vs. brick-and-mortar: key challenges

- Assessing franchisor strengths before diversifying

- Avoiding overconfidence in franchise expansion

- Why experienced franchisees love an emerging brand

Resources:

🌐 Consult with Erik - https://form.jotform.com/222685728939070

🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617