Here on the Franchise Blog, we often discuss the most common route to success for franchisees: the entrepreneur who decides go it alone in business by investing in a proven franchise concept. Most often these are people who spent a long time in the corporate world before making the leap into business ownership. But these are not the only kind of franchisees in the world.
There are also serial franchisees, as a story in The Street outlined in a recent story. The Street defined a serial franchisees/franchisors as people who made a 'career out of either creating successful concepts or investing in multiple proven brand-name companies'. These are people who love franchising so much that they invested in a number of franchising concepts.
In the story, we meet Tony Lutfi, CEO of MarLu Investment Group, Dina Dwyer-Owens (a woman we've blogged about it in the past), Greg Carafello, master franchisee of Cartridge World and area developer for Liberty Tax Service, Greg Carafello, master franchisee of Cartridge World and area developer for Liberty Tax Service and Gary Green, founder of Strategic Franchising Systems.
These are entrepreneurs who show exactly what kind of potential exists in franchising. This is not solely a burgers and fries industry, and the wider one spreads themselves, the bigger the profits available.
"For us lesson one [was] stick to your knitting," Owens said in the story. "As we ventured out into things that were not who we are, we've not done well with them. We tried to convince ourselves we could, [but] that's not our niche. We're very clear today [on our acquisition strategy]. We want businesses that are franchised and that have strong unit economics and are already succeeding."
For those not merely satisfied with one bite of the franchise pie, this story shows that the franchising world is your oyster.