For instance, when you need to buy a new car or truck, do you only look at one model? Probably not. You want to make sure you’re buying the right vehicle for your needs. It’s nice to have choices, right?
When you’re checking out new televisions, do you only look at one television and one size screen? Of course not. You look at several televisions...and a few different screen sizes. You want to get the biggest, best picture you can afford. Again, it’s great to have choices.
1. Determine the demand for the products and/or services.
You need to determine the local market demand for the franchisor’s products/services. Something you think will be wildly successful may not be if the demand isn’t there. In addition, you need to find out if the products/services are sustainable, long-term.
A. Ask your franchise representative for data.
B. Ask franchisees if there’s a high demand or the products/services they’re offering. Then ask them if they have any concerns about the things they’re selling becoming out of favor with consumers anytime soon.
C. Check out Google Trends. It’s a good way to find out how popular whatever you’re searching for is. The numbers that come up are based on how many people are typing in a search term.
Once you’re on the Google Trends website, enter the product/service names into the search bar. Then, play around with the time frames. Are there more searches over time? Or are the numbers going down?
To be sure, when it comes to competitive market research, Google Trends isn’t the end-all tool. But it’s worth a look, since Google is the #1 place people go to get information.
2. Analyze the competition of the franchiser's products and/or services.
It’s crucial for you to learn all you can about the local business landscape. One way to do this is to get into your car or truck, and drive around your area. How many competitors do you see? Are most of them franchise businesses or independent businesses? How busy are they?
3. Match yourself to a franchise opportunity that will allow you to put your best foot forward.
In other words, find an opportunity that leverages your top skills. For example, if your background is in operations, look for franchises, that in order to succeed, need franchisees who can run a tight ship. Case in point; a food franchise.
Today’s successful food franchise owners:
And more. It’s all about operations.
Conversely, make sure you aren’t buying into a franchise system that requires skills you may not have.
Hope you liked this blog. If you are looking to take up a new food franchise, wants to set up your own restaurant, looking chefs for your restaurant then don't worry SelectDine is there to help you. Call us or visit our website to know more.
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