Franchise planning is an important part of growing a successful franchise. Very few businesses that start out as a single store or location think long term about franchise expansion. It’s easier to take opportunities when they arise. That said, long term, this can leave potential revenue on the table, and when you do start to expand (and franchise), lead to unbalanced territories and unhappy franchisees.
In today’s competitive market, no matter what kind of business you are, understanding your market is critical to your success. We’ve seen this scenario often: business concepts that did well with one area decides to franchise the concept regionally or nationally to any franchisee that meets their requirements.
Topics: Franchise & Services Industry, Retail Site Selection, Site Selection Software, Site Selection Analysis, ATOM
Topics: ICSC, Retail Industry, Landlord Rep Brokers & Owners Industry, Conferences, Tenant Rep Brokers & Developers Industry, Franchise & Services Industry
Topics: ICSC, Retail Industry, Landlord Rep Brokers & Owners Industry, Conferences, Tenant Rep Brokers & Developers Industry, Franchise & Services Industry
When you’re opening a new business or expanding an existing one, there are a lot of decisions to make, but perhaps none is more important than choosing the right location. A bad location could mean the difference between success and failure and a mediocre location could mean you’re leaving thousands—or even millions—of dollars on the table every week.
Topics: Retail Data Analysis, Retail Trade Area, Retail Industry, Franchise & Services Industry, Retail Site Selection
If you’re a franchise organization, you know well how important it is to understand the markets into which you are expanding so you can maximize your potential and increase sales. Too often, franchise concepts come to us when they have 20 franchised locations when it would have been better to implement a consistent strategy from the start. While the shotgun approach to franchise expansion might not cause problems for a while, developing a territory plan before you sell more franchises will ensure that you don’t limit your overall capacity for growth. In other words, taking a smart approach to franchise development will allow you to sell more successful franchises in the long run.
Topics: Retail Data Analysis, Smart Retail Growth, Market Data, Retail Industry, Franchise & Services Industry, Market Potential
