How to Choose the Best Franchise Industry for Your Market

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How to Choose the Best Franchise Industry for Your Market

As you're looking to become a franchisee, you'll learn that there are many brands to choose from. Many, many brands, that specialize within multiple styles and industries. Including many business styles. But with so many franchising choices, how do you find the best one for your needs? Going in and simply looking at lists is no way to go; you will quickly become overwhelmed. There are simply too many brands. And though this is a good problem to have, it's still a problem nonetheless.

Instead, narrow your field of franchising options by looking at markets that best meet your wants and needs. Check out franchises that are available to your particular skills, or narrow down which industry (or industries) you prefer, this will help cut out unnecessary brands.

Check Out What Franchises Are Available in Your Area

As you start your research, check out your options by location. Whether you want to start up shop near your home or in another specific area, see if X or Y is available in that zip code. You can do this by researching, working through Franchise Opportunities directly, or by simply looking around and seeing what's available and what the area lacks. In fact, a combination of all three might be your best bet.

For instance, your dream franchise might be open to your area, but simply hasn't into that market just yet.

Talk to franchisors for personalized guidance on this franchising front.

Next, perform some market research.

If your dream is owning a pizza delivery shop, it's likely you're going to have some stiff competition. Meanwhile, introducing a completely new industry is difficult in its own right. As much as you should be looking at what's in your area (and therefore going to be a harder market to break into), you should be looking at what's lacking, too.

What businesses are far away? What businesses haven't even come close to your target market? Why would it succeed? (Why wouldn't it?) Is it a new concept? If so, be prepared to market to the consumer while educating them of your services.

It's also worth noting that if you have a franchising brand of choice, you will likely end up where they are needed. On the other hand, start by finding this growing need and looking to fill it with your new franchising venture can lead you a location close to home.

Create a Clear Picture of Your Market

It's also a good idea to fully understand who your market is and what age ranges and ethnicities it consists of. Depending on where you live, you will have varied markets with varied needs and wants. Pinpoint who your best customers will be and what they have to offer you in the form of memberships or sales.

What products do they need? What services will they sign up for? What trends are growing in your zip code? What businesses are falling flat? What business practices are catching on?

By understanding all of these details you can better know going in how your franchise brand can grow. In addition, you can better market your franchise by understanding who needs your services and why.

Finally, look to other franchising brands and compare how they are succeeding or falling short. Start with brands in your area and visit regularly. What do they do that works vs. aspects where they are missing key cues? Next, travel to your franchise industry of choice (this includes a general industry, as well as your to-be brand once you have narrowed the search) to see real-life examples of how they're growing, and what you can do differently in your own location.

This combination of market research, as well as in-person visits, will give you a better understanding of what's available to you as an incoming franchisee, as well as how you can best set your brand up toward success.

Take this time to better position your business for an easy way to jumpstart toward growth.

  • Author: Jason Hightower
  • Date: December 04, 2018
  • Category: General Franchise Information
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