Factors to Consider in Determining Whether a Franchise Will Work in Your Area
Factors to Consider in Determining Whether a Franchise Will Work in Your Area
• See the population: The first thing you are supposed to do after you have decided to step into the franchising industry is carrying out comprehensive research of the target market. Most franchisors will tell you how much population is needed to sustain their business. If the business flourishes only in areas where there’s a huge population, then a small-town area is not a good choice for such a franchising concept. Similarly, check the population density of the target market. Will people in your area drive a good distance to avail your products/services? Compare the population density of your area to that of the areas where existing, successful franchisees are present. If they are nearly the same, then your chance of success is pretty good!
• Check the income level: Income level of your market will be a big factor behind the success-rate of your franchising business. If you opt for a maid-services franchise, which is a luxury to many from a low-income region, there will be little number of clients for you. But a check-cashing or payday loan service franchise will work absolutely fine in such areas.
• Consider the age-group: Like the median income of the market, the age-group of the population will hugely influence the working process of your franchising opportunity. In a young and family-friendly area, franchises centering to children can enjoy a steady growth-rate. Home-retail, handyman and maid-services franchises too will flourish in such areas. In neighborhoods full of retired and semi-retired inhabitants, health, fitness and senior-care franchises can do considerably well.
• See the ethnic diversity: This is certainly a big factor, especially in the food and restaurant franchising industry. If you are planning to open a specific region-food, for example Mexican or Chinese, then the ethnic people of that region should have a good presence in the targeted market. But this does not always hold true for big cosmopolitan cities where people love to experiment with their taste-buds. But for smaller cities, this may turn out to be an important factor.
Factors to Consider in Determining Whether a Franchise Will Work in Your Area - To learn more about this author, visit Michael Hemenway's Website.
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With everyone jumping into the franchising business bandwagon, it’s quite natural that you may also have given thought to it. What's more, the superb restaurant that you had visited during your last holiday is currently franchising and you want to bring its offerings in your city. But before you take the plunge and start signing the franchise agreement papers, consider the following factors:
• See the population: The first thing you are supposed to do after you have decided to step into the franchising industry is carrying out comprehensive research of the target market. Most franchisors will tell you how much population is needed to sustain their business. If the business flourishes only in areas where there’s a huge population, then a small-town area is not a good choice for such a franchising concept. Similarly, check the population density of the target market. Will people in your area drive a good distance to avail your products/services? Compare the population density of your area to that of the areas where existing, successful franchisees are present. If they are nearly the same, then your chance of success is pretty good!
• Check the income level: Income level of your market will be a big factor behind the success-rate of your franchising business. If you opt for a maid-services franchise, which is a luxury to many from a low-income region, there will be little number of clients for you. But a check-cashing or payday loan service franchise will work absolutely fine in such areas.
• Consider the age-group: Like the median income of the market, the age-group of the population will hugely influence the working process of your franchising opportunity. In a young and family-friendly area, franchises centering to children can enjoy a steady growth-rate. Home-retail, handyman and maid-services franchises too will flourish in such areas. In neighborhoods full of retired and semi-retired inhabitants, health, fitness and senior-care franchises can do considerably well.
• See the ethnic diversity: This is certainly a big factor, especially in the food and restaurant franchising industry. If you are planning to open a specific region-food, for example Mexican or Chinese, then the ethnic people of that region should have a good presence in the targeted market. But this does not always hold true for big cosmopolitan cities where people love to experiment with their taste-buds. But for smaller cities, this may turn out to be an important factor.
Factors to Consider in Determining Whether a Franchise Will Work in Your Area - To learn more about this author, visit Michael Hemenway's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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