Copyright © Karen Morel
http://www.ExploringMarketingSuccess.comYou know you want to go into business for yourself, but just don’t know what type of business you want to open. Once you do some soul searching and determine you are the type of person who can operate their own business, whether from home, or in a franchise situation, finding the
right business can be as important as the decision to go into business for yourself.
Look into the many franchise opportunities that might interest you and are affordable, and then choose three or four opportunities. You can then narrow the list by researching their viability in your market area. For example, if you are considering a franchise of a nationwide donut shop and there are none within 50 miles of your home, the demand may make it a worthwhile investment.
On the other hand, if there two or more other donut shops in the community, any donut business that exists will split three ways. Additional outlets do not automatically create a larger market. Most times it simply divides the market by one additional outlet. You will also want to consider profit potential and always keep in mind the initial franchise fee, the monthly franchise cost as well as the cost of company-owned supplies when comparing opportunities.
Before making a decision, determine how long it will take to reach the break-even point, which is when the amount of your investment and associated costs, and your monthly expenses will be offset by sales income. It will not hurt to talk to other franchisees to learn of their experience with a particular company. While many may not be willing to share detailed information with you, since you are not yet a member of the “family,” they may be willing to talk about their experience with that particular chain.
Look at the trends in the company with which you may want to become a partner. A few years ago, the donut business took a dive in the wake of many concerns about carbohydrate diets. Several unprepared companies took a proverbial bath as a result and could not stay afloat until the controversy ended and donuts came back into fashion.
Consider your target audience and determine if the communities' demographics will provide a large enough market for your business. If the company estimates your primary customers will be between 30 and 45 years of age and the community demographics show only about 10 percent of the population fit that demographic, donuts may not be in high demand in that area.
Also consider the unemployment rate in the area and if it is high, it may be a sign that not many people can afford the luxury of buying donuts on the run. There are numerous factors to consider when choosing a business and having all the facts and information available can help you make an informed decision.
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