Not just Franchise, any kind of business demands market research. One needs to know the wants of the market before they set of their business in that particular location or area.
There are certain ways by which you can confirm if the market will treat your franchise well. Here is a list of them.
- Competition.
This is the most important factor to consider. You need to know your competitors and how the market reacts to them. Look for things they lack in and also the ones in which they can be better than you. In short, do a full research on what can be your strengths and weaknesses.
- Expansion Opportunities
The next step that will follow profits is that of expansion. You need to be sure that you’ll have space and the resources if the market wants you to expand in the future.
- Know the location well.
For instance, if you are starting a food franchise, make sure that there is ample space for parking. Such small details can make or hamper your business. You need to make your franchise customer friendly in every possible way.
- Don’t ignore the unorganized sector
Often business houses tend to ignore the unorganized sectors of the market. They won’t take into account the freelance parlour ladies or the small momo shop at the corner of the road. Your market research must include all competitors no matter how big or small.
- Digital Media
Thanks to the social media, it is now easy to check how many people visit a certain place, what they like, what they don’t like, etc. Take into consideration the popularity of a location before investing. No point opening a fashion store at the mall where nobody goes.
These are some of the points that you must consider before you buy a franchise and sign those papers. If you have any suggestions, comment and let us know.
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