Tag Archives: location

18 THINGS TO CONSIDER BEFORE BUYING INTO OR OPENING YOUR OWN FRANCHISE!!!

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Love of a franchise idea is not enough.

You may love the idea of indoor potted plants but think of how many humans in your town would love the idea and be willing to pay much money to get some which need periodic responsible care with watering, fertilizing, and proper lighting to survive. Buy or start a franchise with a proven track record of success as a viable business.

Never settle for low profit margins.

Double digit profitability returns are desirable but don’t go to the other extreme and expect 30% or greater profit margins.

Try to appeal to the affluent middle class.

The relatively poor patronize severely discounted products and services and you don’t want a franchise sensitive to economic downturns. Don’t try to compete with Amazon, Walmart, or fast food franchises who have the advantage of buying wholesale.

Your franchise should have growth potential both internally and region wise.

Your franchise should have relevance to more than just your immediate territory and be able to expand nationally and even internationally and an ability to expand or grow internally with new periodic offerings.

Owning your own commercial property is ideal.

Leasing can become expensive if it is not a very small property and can severely affect your profitability. Own your own commercial property if possible but don’t lose sight of the importance of the location of it.

Provide a unique experience for your customers.

If the experience is not unique and memorable it is just a commodity which will not be greatly prized by your customers and you will have plenty of local competitors.

An effective internet presence is mandatory.

TV and mail advertisements for small businesses are a thing of the past and an effective internet presence is vital so you will have to find a knowledgeable software expert to set up your website so it can be easily found by your customers and potential customers.

Your franchise will be a small business so be aware of these 11 basic drawbacks which have to be overcome.

https://uldissprogis.com/2014/03/13/the-truth-about-small-business/

 

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THE TRUTH ABOUT RELOCATION+

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Relocation: n. moving to a different location(s) which is frequently a new place and existing there

You can relocate a physical object from one place to another but relocation usually means moving to a different place and living there.

Some military families, some business managers climbing the corporate ladder of an international company, and some humans always looking for better jobs relocate quite often. Relocation is never boring but the one major disadvantage is that close enduring friendships seldom develop for a lifetime. Offspring are often stressed with having to make new friends all over again after each relocation.

The “gypsy” life  or many relocations is enjoyed by some if they always progress financially from location to location. If your financial circumstances don’t change that much then relocation may become a rather unpleasant stressful circumstance.

 

If you liked this evergreen truth blog then read more of them, about 1500 so far, or read one or more of my evergreen truth books, especially COMMON SENSE, rays of truth in a human world filled with myths and deceptions.

For a complete readily accessible list of blogs and titles go to twitter.com/uldissprogis.

Enjoy!!!!!!

If you enjoyed this blog then here is a list of my most popular ones which you may also enjoy!!!

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THE TRUTH ABOUT VISITING+

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Visit: v. to go and/or transmit information to a location to sense and use time with a human(s) and/or a subset(s)  temporarily

 

When you visit someone(s) and/or something(s) then you spend time usually in a location with someone(s) and/or something(s) and your senses are stimulated by the experience(s).

You can also visit someone with a computer and/or cellphone and communicate with them being stimulated in the process by the experience.

Want to save much time, energy, and money? Then visit someone via the internet. It is far more efficient and you will save much money for more important activities and/or goods and/or services.

If you liked this evergreen truth blog then read more of them, about 1400 so far, or read one or more of my evergreen truth books, especially COMMON SENSE, rays of truth in a human world filled with myths and deceptions.

For a complete readily accessible list of blogs and titles go to twitter.com/uldissprogis.

Enjoy!!!!!!

If you enjoyed this blog then here is a list of my most popular ones which you may also enjoy!!!

https://uldissprogis.com/zlist-of-my-most-popular-blogs/

THE TRUTH ABOUT FRANCHISING+

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Generalized franchising statistics are very misleading and seldom give an accurate picture of each franchisee’s actual experience which frequently is worse than what the statistics portray.

A 1995 study by Dr. Timothy Bates, a professor at Wayne State University in Detroit, found that the franchise failure rate actually exceeded 30 percent and that franchises made lower profits than independent entrepreneurs. Dr. Bates’ study also found that the average capital investment of franchisees was $500,000, compared to $100,000 for independent entrepreneurs.

“Twenty years from their start, less than 20% of the franchisers will still be around,” Prof. Shane says. “In fact, of the more than 200 new franchise systems established in the United States each year, 25% don’t even make it to their first anniversary.”

Small business association loan default rates vary from about 90% to 10% depending on the company and only indirectly give you misleading ball park figures of the success rate for a business that may not have used a small business association loan.

It is not obvious to most that the location of the business, the type of business, management skills of the franchise, need for the business in the community, brand popularity, and competing similar businesses surrounding the franchise are leading reasons for success or failure and no one has really effectively studied a franchise failure rate or success rate based on those 5 important parameters.

Pick a remote location or one with low potential customer density, have bad employee managing skills, pick a business the community doesn’t need or only needs about two times a year, pick a business brand no one recognizes by name, and pick a business with many similar competitors and your failure is 100% guaranteed.

If you haven’t researched and verified these 5 parameters for your business then it is basically a crap shoot with minimal opportunity for success in the long duration and you will probably lose what money you personally have invested plus you will default on a loan if you got one.

Even if your start up business seems to be a roaring success future competitors setting up shop near you may devastate your business in the long duration.

Saturation in most businesses or too much similar competition is a major reason why new businesses frequently fail since the profit pie is so small to begin with.

I am not trying to scare you but if you have no prior business experience and only money to lose then chances are that you will lose all of it with franchise investing. The odds are against you in a major way.

 

If you liked this evergreen truth blog then read more of them, about 1300 so far, or read one or more of my evergreen truth books, especially COMMON SENSE, rays of truth in a human world filled with myths and deceptions.

For a complete readily accessible list of blogs and titles go to twitter.com/uldissprogis.

Enjoy!!!!!!

If you enjoyed this blog then here is a list of my most popular ones which you may also enjoy!!!

https://uldissprogis.com/zlist-of-my-most-popular-blogs/