When you open a franchise location rather than building a business from scratch, you start off with a significant leg up. You get plenty of resources, and an existing name that you can use to develop a local customer base. However, when opening your own, whether it is UPS store franchises or fast food, you’ll have to know your local market inside and out. This is one of the most crucial things business owners must do, and it’s a lot easier than you think.
Know the competitors
To start, you need to know who is already representing the industry in your local market. If you live in a major city, this will probably mean focusing your search down to the specific areas you are interested in, while in a small town, it may even include nearby areas. Make a list or find a directory of every company you can that falls into the industry. From there, you can start seeing who is on top of the local market, and where your own franchise will potentially fit in.
Find your audience
If your franchise’s parent company is large enough, there’s a good chance that your local potential customers will have heard of it. That’s a great place to start, but you’ll also need to know how to reach your local audience to boost your exposure even more. This may mean looking for local websites, publications, or community areas anywhere that you will concentrate marketing efforts to get people through your door.
The final step is finding the right location. When you know your competitors and what you can expect for your local audience, you want to make sure your location is within their reach. You may find a place right outside of town, but if it requires getting on and off a highway to get there, the audience you want may rarely get to where you are.