Maybe you should find a unique franchise niche.
A recent article in Kiplinger Personal Finance magazine discussed franchise research.
Part of the article featured a would-be franchise owner’s search for the right franchise.
“Rowley Mayo said that his analysis of the Minneapolis area found that the appliance-repair business was dominated by giant retailer Sears and independent repairmen who worked out of their pickup trucks. Mayo believed that there was a niche between those two extremes that Mr. Appliance could fill. So far, his bet has paid off: Sales have grown from $143,000 in 2011 to $325,000 last year. He employs three technicians and is hoping to add a fourth this spring.”
Read more here.
Mayo found a niche. His niche.
Here’s an idea; instead of poking around every pizza franchise that’s currently being offered in North America (to find the perfect one) take some time to sharpen whatever instrument it is that you’re using to do the poking, and do what I’m about to suggest; find a niche in pizza.
Now, assuming you’ve sharpened it, you now have a sharper instrument with which to poke; let’s see if you can find a business that focuses on only one segment of the vast pizza market.
Let’s do it together.
Start From The Top Of The Mountain
What can be served with Pizza?
- Chicken Wings
Is there anything that jumps out at you from that list? Are any of those products (by themselves) being addressed by the pizza market-or any part of the food-service franchise segment?
Go to a franchise portal or franchise directory and find out!
From The Middle Of The Mountain
Now, let’s look at what types of pizza pies are currently being served.
- Traditional pizza
- Healthy pizza
- Gourmet pizza
- Deep dish pizza
- Thin crust pizza
Are there any niches there? Are there any pizza franchises that specialize in those pizza types?
And, if so, are they doing a bang-up job? Should you look into any of them? Is there room for you?
From The Base Of the Mountain
Are you starting to look at pizza in a different light?
Let’s poke the pizza franchise segment a little more.
How are pizzas being sold? How are they being served?
For example, there are pizza franchises that serve things like single-serving pizzas.
If you want a guaranteed hot pizza-you can order one half-baked, and finish it off at home.
We’re getting closer now, aren’t we?
I used the pizza franchise segment as an example because it’s an easy one to visualize.
But, there’s a lot more to franchising than pizza.
You can do this exercise with any segment of franchising.
If you’re truly looking for a franchise business opportunity that is different, consider looking for a franchise niche.
Or, create one.
Images courtesy of 1. fifikins and 2. rob_rob2001 on Flickr
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"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
- Brian Grayson, Franchise Buyer, Cincinnati