Searching for a franchise opportunity can quickly become overwhelming.
I’m here to tell you that it doesn’t have to be. Read on.
Of Course You’re Overwhelmed
If you’ve never searched for a franchise to buy, trying to weed through thousands of opportunities can be pretty frustrating. Here’s why:
- You don’t know what you don’t know.
- You only think you know.
A Massive Mistake
I’ve seen it happen time and time again.
It’s a mistake that doesn’t have to be made.
I assume that you know what I’m referring to?
But you don’t. I just assumed that you knew.
My mistake. I’m sorry. I shouldn’t assume anything.
And, neither should you.
That’s the massive mistake that I see today’s future franchise owners make.
They assume. Keep reading.
Retail franchises can be great businesses to own.
For one, they make wonderful family businesses. If you’re looking for an opportunity in which you can involve your family members in the day-to day operations of a business, owning a retail franchise could be the way to go.
If you can secure a great location in a busy strip center or an outdoor mall, you’ll have a real good chance of success. In retail, “location, location, location,” really is the mantra.
Of course, there are some negatives when it comes to owning a retail franchise business. They include:
- High build-out costs
- High inventory costs/expenses
- Potential issues with theft (Internal or external)
- Long hours
In addition, prevailing economic conditions can impact retail franchises in a big way. Consumers tend to pull back their spending during periods of elevated inflation. (The opposite is true, too, of course; if things are good, then consumers spend)
So, now you know a little more about retail franchises.
Or, do you?
“The assumption that seeing is believing makes us susceptible to visual deceptions“— Kathleen Hall Jamieson
A large percentage of retail franchises are located in high-visibility strip centers.
But, are they all retail businesses?
Are they all open 6-7 days a week, from 9-9?
Are they all dependent on walk-in traffic?
Or, do some of them only look like retail businesses?
If you’re the owner of a sign franchise that’s located in a busy strip center, you’re not sitting behind the counter waiting for customers to come in…and there’s a reason for that. The Reason:
You don’t actually own a retail franchise; you own a sign franchise. A B2B franchise. Your franchise just happens to be located in a retail strip center.
And, as the owner, you can’t afford to wait for customers to walk in your door. You need to make things happen. You’re a salesperson…an outside salesperson. You have to be. That’s because walk-in traffic is going to be minimal. You’re out and about all day trying to drum up business.
You’ll visit schools in your area. Schools need all kinds of signs; banners for their sporting events…stuff like that. You’ll also call on country clubs, restaurants, shopping malls, maybe even your fellow strip center tenants.
Take a moment and see if you can picture a sign business that’s located in your area. Where is it located? Did you think that it was a retail business?
No…you assumed that it was a retail business.
And, if retail franchise ownership wasn’t on your list of top franchises that you’d like to own, but sales and marketing types of franchises with normal business hours were, you would’ve passed the sign business right by…a wasted opportunity.
Sign franchises are only open till 6.
As you search for a franchise to own, please don’t make the mistake of assuming that you know exactly what the franchise businesses does-or what the franchise owner’s role is. Sometimes, you won’t find out about those things until you have a real conversation with the franchise development representative.
Image courtesy of MikeLove on Flickr