We’ve all heard the old adage location, location, location and it applies to everything! If you have been considering franchising or becoming a business owner in your town, you’ll need to do an assessment to find out if your town can support your business. Sometimes businesses are unsustainable simply because of location. Here are a few questions you should ask yourself to determine if your business has the potential to be successful in your town.
Is there a need?
Most franchises thrive because they offer the solution to a common problem. Franchises use their recognized brand to provide a solution to a wide variety of people who share the same problem. Do some research to find out if your town has a need for the business you want to open. For instance, if you want to open a coffee shop, but there is already one on every corner, it may be difficult to get going unless you offer something unique and special that will capture a niche clientele. On the other hand, if you are thinking about investing in a family entertainment franchise and the only family entertainment center in your town is a movie theatre or a bowling alley, your business is likely to flourish. To find out what the town is lacking, do a local social media scan to see what people are asking for recommendations for. If you can offer a service that people often drive to the next town for, you will quickly build a client base as well as help your town by keeping money local.
Where is the optimal location?
You may be motivated to start a business that you find handy, close to home — after all, the best businesses are opened to answer the business owner’s needs. Although this may be convenient to you or your neighborhood, do some research on where the ideal location is. For example, opening a copy shop down the street may be convenient for you, but would do much better in the business district in your town. Spend some time driving around your town to find the ideal location for your business and then try to get an idea of the local residents’ thoughts. If you want to open a metal building fabrication plant, although business may do well, you wouldn’t want to place it in a residential neighborhood and anger all the residents, when you’d easily do much better in the industrial district of your town.
What franchise or business of the like already exist?
This is perhaps one of the most important questions to ask before you open a business in your town. If you live in a large town, perhaps competing franchises or businesses will do well for business. However, regardless of the size of your town, if the existing franchise or independent business is not doing well, it is important to find out why. Maybe the business isn’t doing well because of management decisions or maybe it is because there is a competing department store that offers the product at a lower price. If your choice of a business does not currently exist in your town, do some history research and find out if it once did. Finding out why a business failed can be important to planning the success of yours. If other franchises or businesses exist and are doing well, you’ll need to size up the competition to find out if and how you can succeed.
What are the alternatives?
If the answers to the above questions result in you concluding that your original business idea may not be the best in your town, don’t give up! Look at what your alternatives may be. You may find success in the next town over, which will make the commute worth it, or in your research, you may find another burning problem or need that you can address. The beauty in business owning is that before you open your front doors, you have the opportunity to make adjustments and renegotiate your business model.
When you decide to invest in a franchise, you will have help answering many of these questions. When you become a business owner of a franchise, your success reflects on the parent franchise and their success. While a recognized label may help you set up your business and gain attraction quicker, having knowledge of your town and its needs will improve your chances of success. Nothing should stand in the way of achieving your dreams, but recognizing the roadblocks will help you reach them better! If you are looking for a tried and true business investment, look no further than Rebounderz family entertainment centers. We have all the tools to help you succeed while bringing family entertainment to your hometown. Contact us for franchise opportunities now!