Start your own franchise business – Part 2

Last month, we talked a little bit about the attributes necessary to turn your home based business into a franchise … you can find that post here.
Well, what about branching out from the home based sector and becoming a franchisor of any type of business? According to Frandata and reiterated by Mark Siebert in an article published on Entrepreneur.com, over 500 businesses decided to start franchising in 2006.  With the continued growth in franchise concepts, they also estimate there are now 4,500 franchisors in the US alone. If your thinking about starting a franchise concept, there's probably already someone out there doing something similar. But don't fret. You still have an opportunity. I believe you need to find "uniqueness amidst the similarities." Or in other words, do what Burger King did … find a hole in the competitors business and exploit it.

So why was Burger King successful while so many
others failed? While there were numerous contributing factors, the main
factor can be boiled down to a single sentence: "Have it your way."
Burger King positioned itself to be
different from McDonald's,
not just a "me-too" operation. More important, they positioned
themselves in a way in which McDonald's could not respond
competitively–because in order to do so, McDonald's would have had to
revisit their entire kitchen operations.

You can find the rest of the article on Entreprepreneur.com.

As you are thinking about 2008 and beyond, challenge yourself to
take some time to study the competition, find a niche and take advantage of it. Your bottom line will thank you.

Jack Burris and Franchise Business Review help people navigate the world of franchising by providing honest opinions of current franchise owners. To find out more you can visit FranchiseBusinessReview.com.

Total
0
Shares
Previous Article

Create your own fully baked food business success story

Next Article
Gen Y

Marketing to Gen Y: What You Can't Afford Not to Know

Related Posts
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

Business Entity Types Affect Financing Options

One of the most important decisions you’ll have to make for your new business is to determine a business entity type. While the topic may seem daunting for new entrepreneurs, establishing a business entity early on is vital because the structure you choose will have financial and legal implications for your business. One of the...
entrepreneur
Read More

Don’t Quit and Other Lessons from a Wantrepreneur Turned Entrepreneur

I’ve tried many businesses and side hustles over the past 15 years. I’ve mowed lawns, was a DJ at weddings, negotiated real estate deals, started an e-commerce business, and many others. Some of those endeavors made me money, but others didn’t. Now I have a successful digital marketing agency. People often ask me how I...
payroll loan
Read More

The Best Business Loans to Help with Payroll

When faced with the unexpected, coming up with the capital needed to pay employees on time can be challenging. While it’s important to budget and allocate cash accordingly, financial challenges and unplanned costs are common for all businesses. The good news is, there are a variety of small business lending options that can provide you...