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 ownerâ€™s search for the right franchise.
â€śRowley 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.â€ť
Read more here.
Mayo found a niche. His niche.
Hereâ€™s an idea; instead of poking around every pizza franchise thatâ€™s currently being offered in North America (to find the perfect one) take some time to sharpen whatever instrument it is that youâ€™re using to do the poking, and do what Iâ€™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.
Letâ€™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?
From The Middle Of The Mountain
Now, letâ€™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?
Letâ€™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.
Weâ€™re getting closer now, arenâ€™t we?
I used the pizza franchise segment as an example because itâ€™s an easy one to visualize.
But, thereâ€™s a lot more to franchising than pizza.
You can do this exercise with any segment of franchising.
If youâ€™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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Do You Itch For A Niche? by The Franchise KingÂ®