You already own a business. Why stop at one? Adding a franchise as a second business can be a lucrative endeavor.
You put in the hard work, you got your business off the ground, and you’re reaping the countless benefits of being a business owner. Kudos to you for your perseverance and determination.
As a business owner, once you have your footing in a single venture, you are likely, incredibly well positioned to consider expanding into additional businesses. Why? You probably have steady cash flow, loyal customers, and or streamlined operations, all of which can be leveraged for and across your next business.
Creating a portfolio of multiple businesses is a smart decision. And it’s not just for large conglomerates, corporate giants, and celebrities. Multi-business ownership offers distinct advantages to small and medium business owners, too!
Whether you’ve owned your current business for a year, or 30 years, owning more than one company can unlock a range of growth opportunities that are harder to achieve with a single venture. Each new business you add to your portfolio can help you develop new revenue streams, establish financial resilience, diversify to weave a safety net for downtimes in any business, realize operational efficiencies, create economies of scale, and so much more.
Multi-business ownership is not only about growth but about creating a stronger, more adaptable financial foundation. With the right second business, you can balance profitability with risk management.
So, what’s the right second business? Easy – there’s a franchise for that!
Adding a franchise as a second business is a great way to expand your current business empire with an already proven model. When you select your second franchise business wisely, you can realize advantages of “economies of scale.” When chosen correctly, you can leverage your customer base, employee pool, marketing, and even some administrative and operational tasks.
How do you choose a franchise to be your second business that will give you the most benefits and the least number of headaches?
Here is our advice for adding a franchise as a second business.
If you currently own a home service business (or any business that serves homeowners), you should consider stacking additional home service franchise brands to complement your current operations, gain economies of scale, and possibly even share a customer base.
Consider one of these franchise businesses:
Roofing (Look at the Bumble Roofing franchise)
Gutters (Consider the Brothers That Just Do Gutters franchise)
Siding (We love the Ideal Siding franchise)
Outdoor lighting (Explore the Outdoor Lighting Perspectives franchise)
Fencing (One of our favorites is the Superior Fence & Rail franchise)
Outdoor living (Check out the Archadeck franchise)
Plumbing (The 1-800 Plumber + Air franchise won’t disappoint)
Electrical (The Mr. Sparky franchise is always a favorite)
HVAC (Franchisees love the One Hour Heating & Air Conditioning franchise)
Irrigation
Interior/Exterior Painting (Check out the Lime Painting franchise)
Drywall Repair
If you own a company that provides services to other businesses (AKA B2B), adding a complimentary franchise that can take advantage of the relationships you’ve already established could be a winner.
Explore these franchise opportunities:
Payroll Services (We like the Payroll Vault franchise)
Recruiting/Staffing (Franchising for nearly a half a century tried and true, the Express Employment Professionals franchise)
Managed IT Services (The CMIT Solutions franchise is a great one to consider)
Commercial Cleaning (Known to be entry level – the Jan Pro franchise)
Restaurant Services (Hood Cleaning, Oil Filtering/Recycling, Etc.)
Facility Maintenance
If your current business caters to children, using the trust you’ve already established with parents could be a big win for a second, complementary franchise business.
Take a look at these franchises:
Nanny/Childcare (New but poised for growth, the Oliver’s Nannies franchise)
Educational Daycare / Enrichment (So many of these to explore. Use our find a franchise database)
Sports Programs (The nZone Sports franchise is a “fan” favorite)
Extracurricular (Dance, Etc.) (The Tippi Toes franchise is great – and Matt has promised to dress as their mascot the next time we award this franchise)
Fundraising
If your company currently serves pets and their families, you’d surely benefit from an established franchise business to complement your current offerings and maximize your earning potential.
A few pet franchise favorites:
Dog Grooming (Take a look at the Woofie’s Mobile Grooming franchise)
Pet walking/sitting/boarding (The Hounds Town USA franchise is one of our favorites)
Pet Waste Pickup (So aptly named – the Doody Calls franchise)
Pet Supplies Retail Store
We invite you to consider any industries that may well complement your current business and we’re confident if you explore our find a franchise database you’ll find a franchise for that!
As you already know, owning a business is an incredibly rewarding venture. Expanding your portfolio of companies can be a powerful growth strategy. Happy entrepreneur-ing!
