How Can You Incorporate Basketball Madness Into Your Franchise Narrowing Process?
It's getting to be that time of year once again, where basketball pretty much takes over every possible medium. Basketball madness (we’re not using the official term because it’s a trademarked term!) is a month-plus of college hoops, and it's an event that grows in exposure every single year. It's on every TV station, filling your social media feeds, claiming the sports sections on your daily newspaper… and that's just the beginning. If basketball is "your sport," that news is great. But if not, well, you're forced to grit your teeth and make it until summer… when basketball is no longer the sport of choice.
In either scenario, there's no denying the bracket as an elimination scenario: it works. Whether for sports or comparing exes (anyone else see that episode of How I Met Your Mother?), a bracket works as a viable method to narrow down options. First, you start with your most promising outlooks – ideally for a total that's an even number. Then, you weigh them against each other, two at a time. This method takes out the stress of having to cut down too much at a time.
By the end, you should be left with your best choice possible. Research-backed and all. The final choice that beat out all the rest, scored the most points, and proved to be the best all-around player, time and time again.
How can you use the process for yourself? Specifically by narrowing down your franchise brand options? Start with a chart. It can be as fun and detailed as you want – this is your project, feel free to go full-on Pinterest, or to make a simple paper and pencil template. Draw (or paint, or fashion on the computer) straight lines that pair up various franchising companies. Or better yet, print out a free sample from online and cut out the chart-making work completely.
You can work with a bracket that has four brands, and on up. It will be easier with a product of four, but in case it doesn't line up that way, you can always adjust the system or create some type of alternative/by-week schedule.
Next, fill in your open slots. Pick from franchising companies you've had your eye on. Or, check out an online database of franchise listings, then pick out potential brands that will meet your needs and wants.
Now it's game time.
Research each company and pick out what you like and don't like. You can do this with notes, a pros and cons list, a Venn diagram, or whatever other method you like best. During this step, the most important outcome is to determine which company better suits your needs – whether that be by looking at logistics, type of business, etc. Everyone is looking for something different, and only you can narrow down the possibilities. Just like with the basketball tournament, the winner moves forward.
This can be repeated until there's a clear winner with each round. Then repeat, and repeat again, until there's a single survivor.
It's ok to take your time and get in-depth with researching. In fact, it's encouraged. The more you know, the more you can appreciate your final choice. Such research can also help you to better understand the franchising world, what it has to offer, and why your business model is set up the way it is. Reach out to companies on your bracket, talk with a rep and ask questions, and take full advantage of the efforts they have available. Really, there's no such thing as knowing too much; research will only help.
Another step that might work in your favor it having a final deadline. Putting one in place will prevent you from putting the process off. Depending on when you want to actually open, you can set your "championship game" off of that specific timeline.
There's no reason you can't have fun when researching your potential franchising partner. Take advantage of the basketball madness mindset, and use your very own bracket to narrow the brand choosing process, and to get a better handle on how all types of companies operate.