If you are like many people, you likely dream of owning your own business but worry that you will leave your job that provides you a steady income to start a new business and then regret it if your business were to fail. Don't make the mistake of thinking that the reason why some businesses thrive and some fail is due to pure luck -- with the right business plan, you can greatly increase your chances of owning a very successful business. Many seasoned entrepreneurs recommend that brand-new business owners buy franchises to operate due to the support and guidance offered by the franchise owner.
Read on to learn two additional steps to success when starting your very first franchise operation.
1. Choose Your Business Location Very Carefully
There are many factors to take into consideration when choosing a location for your new franchise business, and all of them are very important. Unlike common belief, not all franchise locations are pre-chosen for their new owners, and many franchise owners will work with their new franchisees to choose a location that they are both happy with. One key aspect of choosing the right location is, of course, ensuring that your business is not too close to that of one of the same brand; this would be detrimental to both your profits and the franchisee who owns the other.
The average family income of a neighborhood and the demographics of it are both important to keep in mind to ensure you choose a location near your target demographic and that the locals can afford your product. Additional factors to keep in mind include the amount of foot traffic the area receives and, of course, the cost of renting the commercial property.
While this may sound like a lot of information to consider, remember that it would be a much tougher task if you didn't have the franchise owner there to help you make good decisions every step of the way.
2. Take Local Marketing Into Your Own Hands
If choose a franchise that is a nationally known brand and you know that the owner runs frequent television commercials and/or has other great marketing plans in place, it can be all-too-easy to feel like you can just sit back and wait for customers without doing any of your own marketing. While the "free" advertisements that the franchise owner may already have in place are one of the many reasons running a franchise is often much easier and stressful on a new business owner than opening their own unique business, doing some of your own marketing can really pay off greatly, especially when you are first opening.
First, realize that the locals may know all about the brand you are now selling, it may take a bit of time before the news that your business is up and operating right in town spreads by word-of-mouth.
Even if you are on a very tight budget after investing in your new franchise, simply posting a few flyers around town, hiring a "sign dancer" to attract the eye of those passing by your business, and even just handing out your business's menu or brochure to everyone you encounter during your days are all easy, affordable ways to get customers in the door and begin making money very quickly. Of course, check with local laws and your franchise agreement to make sure that your marketing methods are allowed in the area and aren't against franchise policy.
If you have dreamed of opening your own business, yet haven't made a plan to achieve your dream yet, then 2017 is a great year to open one. To help ensure your business is successful, open a franchise with a proven track-record of success and follow these two tips. For more information, contact a business such as Ask Mr Franchise.
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