Home service franchises are booming since COVID-19. More people are looking to become their own boss, work from home, etc. and many of them are flocking to franchising. Our CEO and President Chris Buitron gives us his five reasons to purchase a home service franchise with multiple brands in a recent article.
5 reasons to buy a multi-brand franchise
- A centralized and knowledgeable support system. The existing infrastructure needed to support one franchise can often support other business units in the franchise’s other brands, such as human resources, accounting, and operations.
- Cross-selling opportunities. Brands operated by the same umbrella franchise and aimed at the same customer provide cross-selling opportunities that can gain business for all of those brands.
- Borrowing resources. Given the staffing shortages that are plaguing many industries, being able to utilize some of the same employees for different brands without compromising overall efficiency is important. With two or more brands, a franchisee can offer employees cross-training and an expanded growth path as their skill sets improve. This helps attract and retain talent.
- Diversification and protection from economic slumps. In an uncertain economy, operating brands in different market segments can balance each other out if one sector gets hit harder
The major reasons to look for home service franchises with multiple brand options are cross-selling and resource borrowing. If you have a franchise location that already has a book of business, you immediatley have people to sell the second brand too! At Mosquito Authority, your customers are already the primary target demographic for our second brand Pest Authority! The built in trust you already have with your customer makes cross-selling more successful, allowing you to get your second brand up an running quickly. The best part is, you can bundle services, so the customer gets a deal!
Resource borrowing is also a big advantage to owning multiple brands in the same territory. We all know the issues facing the country when it comes to staffing, in all industries. In our business, you can take the same specialists that are currently working with you customers on a daily basis and simply train them to perform the second service! In most cases, those services can be performed during the same trip, meaning your operating costs goes down and your margin goes up!
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To read the article in its entirety, click HERE.