As an entrepreneur, scaling a business often involves a big question: Should I expand under one brand or create multiple brands, especially when acquiring existing stores? Do you keep their name?
This is a question I'm currently grappling with as we venture back into the self-service side of the laundry business.
The Pros of One Brand
- Streamlined business operations
- Simplified marketing efforts, content creation, and social account management
- Strong brand recognition
- Loyal client base
- Increased value to the portfolio of businesses
The Cons of One Brand
- A bad reputation for one store can impact the others
- Limited client base
- Lack of flexibility to customize for different market segments
This single brand approach has served us well and allowed us to grow the business by focusing on one brand and one message. In this podcast episode, multi-store owner Jason Worme shared how having one brand across multiple stores enhanced his business’s online presence and brand recognition.
But having multiple brands has its benefits as well.
The Pros of Multiple Brands
- Opportunity to target different client types and market segments
- Flexibility to customize offerings to local markets
- Separate reputation from other brands
- Client is not satisfied and goes to another store they think is a competitor but you own it
The Cons of Multiple Brands
- More time spent managing multiple websites, social media accounts, and email campaigns for each brand
- More time spent creating content for each brand
- More money spent on custom supplies like branded laundry bags
- Crafting different marketing messages
In the end, the choice between one brand or two comes down to your specific circumstances, resources, and long-term vision.
For many years, we've operated under one brand, Cope Brothers Laundromat, which was self-service and wash-n-fold. The Soap Box became our second brand that has exclusively done pick-up and delivery (PUD) and wash-n-fold services. We recently decided to give multiple brands a try. We opened a new self-service store under a different brand, VIP Bubbles. With this approach, one brand could be more upscale and the other could target the middle market.
We're still considering whether it's better to focus exclusively on one market segment and dominate it, or to cater to different segments with separate brands. It's a tough decision and one that many business owners face as they scale.
That's all I got for today.
Waleed
🏴☠️ ✌️
P.S. If this editorial gave you any value, do me a huge favor, go crush the week.
Thinking about, the thinking of laundry
From the words of the author and speaker, Marty Neumeier.
Your brand is not what you say it is, it's what they say it is.
