Add Charleys Philly Steaks To Your Franchise Portfolio
Add to Your Franchise Portfolio
Ask any financial expert, and you’ll hear time and again that one of the smarter business strategies is to diversify your franchiser portfolio. Why? Simply put, diversifying your franchise portfolio ensures that you aren’t relying on just one revenue stream or industry. Smart investors make sure to own multiple franchises in different sectors, markets, and services to appeal to the broadest customer base possible. By strengthening your financial position, franchise owners with a diverse portfolio can better withstand economic ups and downs, as well as reduce financial risks. When done right, a diverse franchise portfolio is a safety measure to make sure you’re still making money, even if one of the industries you operate within experiences a sudden change.
“Forward-thinking, multi-unit franchise operators should look to diversify their businesses to reduce risk, no matter if they’re grappling with the ongoing effects of a global pandemic or simply an underperforming unit or brand,” according to a report in Entrepreneur magazine. “Building a franchise empire of non-competing brands also helps a franchisee create a robust conglomerate in one location, allowing them to stay in their home city while expanding. Also, the franchisee can leverage their knowledge of the local market for the new concept.”
Entrepreneur magazine recommends franchise owners look for complementary brands, which also allows you to cross promote and not be in direct competition with existing operations. Also, be open to new categories you might not have considered previously. “The pandemic demonstrated how the utterly unbelievable can quickly become a new reality,” Entrepreneur wrote. “While no one can predict if, when or what the next crisis might be, smart entrepreneurs are learning from what just happened and crafting businesses that are structured to better withstand whatever future challenges lie ahead. Diversifying a franchise portfolio is one solid and simple way entrepreneurs can act now to hedge their bets in the future.”
Diversifying Your Franchise Portfolio
One of the biggest advantages to diversifying your franchise portfolio, of course, is to increase profit potential. By reinvesting in the same franchise system, you are essentially putting all your eggs in one basket. As a result, should any economic changes challenge your operation, all of your franchises could economically suffer. Creating a diversified franchise portfolio, however, allows you to make more money across various industries, and, if in the event one portfolio is down, you can fall back on your other investments.
“As with any investment portfolio, diversifying gives you more opportunities to make money and see strong returns. If one area of your portfolio is down, the likelihood is that at least one will be up—if you’ve diversified properly,” according to America’s Best Franchise. “The wider you diversify, the less chance there is that every franchise you own will struggle simultaneously. Each franchise will cater to different markets and offer different products or services. When you only have one brand that caters to a single market with the same offering, all of your franchises are likely to hit a rough patch at the same time.”
Franchise owners can boost their profit-potential by investing in complementary franchise brands. Picking the right franchise opportunities, for example, can allow you to co-market and push both brands. Cross-promoting also helps franchise owners boost their brand recognition and expand their customer base, making it easier for their franchise concepts to grow.
Add Charleys Philly Steaks to Your Franchise Portfolio
Charleys Philly Steaks is the best investment opportunity for franchise owners looking to diversify their portfolio. For starters, Charleys Philly Steaks offers something completely unique in the QSR and Fast Casual industry, as the only franchise concept to specialize solely in the classic Philly cheesesteak. Whereas other food concepts, such as burgers, pizza, and Mexican food, are oversaturated, Charleys Philly Steaks operates in a class of its own with little direct competition, making it perfect for a diversified portfolio.
What’s more, Charleys Philly Steaks has made it incredibly simple and easy to open locations, mainly because we have developed several restaurant models that offer flexibility and versatility. Our business model can work in freestanding units with drive-thrus, end caps, in-line locations in malls, food courts, airports, as well as nontraditional locations such as travel plazas, office complexes, and gas station/convenience stores. We’ve also kept barriers to entry incredibly low, with initial investment costs ranging from $199,967 to $907,012.
“We’re in business to help our franchisees thrive in their restaurants,” says Charley Shin, CEO and founder of Charleys Philly Steaks. “We’ve worked hard to make our business model efficient, profitable, and deliver a product and customer experience that leads to long-term growth. The success that we’re having is evident in how many of our existing franchisees are investing in new restaurants. In fact, 70% of our current growth comes from our existing franchisees scaling up to multi-unit ownership, which tells us that we’re on the right track – and that’s incredibly exciting for us.”
Always Supported in Growth
Charleys Philly Steaks’ franchise support team is always ready to help franchise owners when needed. We’ve invested heavily in training, support, and technology to help franchise owners get to the next level. And it all starts on day one. We help with real-estate support to find the best location possible. Franchise owners undergo three weeks of hands-on, in-person training. Our teams are experts in helping you craft a strategic marketing plan for your local market. And, our ongoing support and coaching is one of the best in the industry.
“Our only priority is to ensure that our franchisees are profitable,” Shin says. “We have developed a strong culture of support that helps our franchisees in every aspect of running their businesses, and we’re enormously proud of their achievements. We can’t wait to welcome more entrepreneurs into our franchise family as we continue to expand across the United States.”
Learn More About Charleys Philly Steaks Franchise
Looking to diversify your franchise portfolio? Look no further than Charleys Philly Steaks, America’s favorite spot for the classic Philly cheesesteak. To learn more, visit our research pages here or make a request for more information today!