Running a franchise business gives you the chance to become your own boss, but you may not have considered master franchise opportunities. Launching multiple units within a company can provide huge benefits. So, what are the advantages of a master franchise and how can you reach your career goals by getting started?
Are you ready to up your game and reap the rewards of owning a master franchise? If you have strong communication, management and organisational skills, you could be ready. Although the model can be more demanding than running a single franchise unit, it also provides the opportunity to tick off more of your career hopes and dreams.
What is a master franchise?
As the owner of a master franchise, you take on the role of a mini-franchisor within a specific region. You’ll be in charge of recruiting and training franchisees for your area, as well as performing quality control for their business units.
As you’re effectively the franchisor for your territory, you take on managerial responsibilities to make sure your franchisees stick to the terms of the franchise agreement and operate efficiently and successfully.
To be productive in this role, you need excellent organisational, operational and leadership skills. But, if you’re ambitious and determined, the opportunity to be a master franchisee can be one with both professional and financial rewards.
How you can achieve your career goals by running a master franchise
Here’s how master franchising can help you reach these 10 common career ambitions:
1. Increasing your expertise and experience
Who doesn’t want to become an expert in their field? You can’t be a successful master franchisor without developing a high level of professional knowledge and understanding. Whether you pick up information during your training scheme and professional development opportunities, or glean insight over the years, you’ll become an authority on growing successful businesses in your industry.
2. Gaining new experiences
Life is all about trying new things, and becoming a master franchise partner will certainly give you some fresh experiences. While you’ll have the support of the franchisor, you’ll encounter many obstacles, which you’ll need to navigate. Plus, there will be opportunities to meet new people and try new business strategies and approaches.
3. Attaining a leadership role
Some people equate leadership with success - and master franchising puts you in a position of authority. In order to manage a series of franchise units, you’ll need to rise up through the ranks and learn how to motivate and inspire your team of franchisees, and their employees. Do the job well, and you’ll get a sense of pride and satisfaction in your business network.
4. Making new contacts
The wider your business circle, the more opportunities you have to access advice, insight and potential growth avenues. When you join a brand as a master franchise partner, you become part of a large network not only of franchisees and employees, but also of customers and clients. You’ll have the chance to mingle at franchise exhibitions, conferences and marketing events, making contact with more and more people as time goes on.
5. Reaching the salary you dream about
When you own a master franchise, you’ll receive a significant percentage of your franchisees’ initial franchise fees and ongoing royalty payments. Of course, you’ll need to spend some of it on your recruitment, training and support programmes, but you should be able to reach an impressive level of income.
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6. Gaining stability and security
Franchising gives both franchisees and master franchise partners the chance to benefit from a recognisable, tried and tested business model. As your investors will have an immediate customer base, they can hit the ground running, which provides valuable financial and professional security for you.
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7. Conquering a new territory for your brand
While expansion can be nerve-wracking initially, breaking into a new region is thrilling. Most master franchise agreements give master franchise partners exclusive territories, so you probably won’t be competing with other franchisees in the brand. As a result, you’ll be able to take the lead in making a name for your business in your chosen region.
8. Developing your own business empire
This is a big career goal for many hard-working entrepreneurs - but one often considered overly ambitious. However, it’s an achievable opportunity for master franchise partners. The franchisor will support you to develop a large network of regional franchisees and manage its growth over your contract term.
9. Shaping the future of an industry
Although not every master franchise partner will influence the future of their industry, many can make a significant difference in their territory. You’ll be responsible for establishing brand presence across your allocated region, which could affect the local economy or highlight future opportunities for the business or sector as a whole.
10. Taking control of your career
Although you report to the franchisor, you will handle operations within your territory. You’ll be responsible for expanding the franchise and you’ll have an element of control over the success you achieve. The harder you work to recruit quality franchisees and support them as they develop, the more sales they’re likely to make and the more you’ll earn through ongoing fees.
More guidance on running a master franchise network
Master franchising is a great option for experienced entrepreneurs who are ready to take on the responsibility of managing multiple businesses. Many franchises use the model, but it’s important to understand the pros and cons of the master franchising system before you pursue opportunities. Read our guide to running a master franchise for more information on getting started.
Alternatively, browse the fantastic investment opportunities currently on the market or take a look at our recent franchise articles. You’ll find everything you need from the main menu.
Alice Tuffery, Point Franchise ©