Creating a new franchise brand without any advance research clearly isn’t advisable, but you might want to dedicate more time to it than you initially thought. Thoroughly understanding demographics, including not only your target consumers both at home and abroad, but also the traits that make up your ideal franchisee, will go a long way toward making your franchise journey easier. A franchise is only as strong as its customer base, so the better you understand them, the better position you will be in to open your franchises in an area that will attract traffic, and become a staple of your community. Here’s everything you need to know about how conducting extensive research can help grow your franchise.
Research Your Ideal Franchisee
The cornerstone to any franchise is, of course, the franchisee who operates it. Franchisees are your ambassadors, extensions of your brand, and your representatives, so it’s important to choose them very carefully. This means being a bit picky. It’s one thing to meet a prospective franchisee who is enthusiastic about your business and has the financial means to make the investment, but quite another to find someone with the business acumen, experience, and work ethic to make the franchise successful. Franchisees with a willingness to learn, ability to adapt to your proven system, and who have solid communication skills to interact effectively with staff and customers, will really help grow your franchise empire.
Understand Your Target Consumer
Nothing is more crucial to building a successful business than having a comprehensive understanding of your consumer. Deciding on a location and building out marketing materials are entirely dependent upon knowing your target customer, and understanding how to reach them. Researching your target age range, income level, and background of your consumers will help you grow your franchise and maximize your potential.
If you’re looking at moving your franchise abroad, whether to or from the U.S., you need to think about the market you will be entering. For example, how will your franchise’s name translate into English or another language? Will it translate effectively? Reaching consumers abroad is very different from reaching them at home, and will require modifications to your business model. If you’re expanding your business from abroad to the U.S., for example, you need to consider how U.S. law may impact your business’ operation. Franchising laws in the United State are very strict, with a focus on consumer and investor protection. To successfully expand into new markets and appeal to consumers, you will need to familiarize yourself with these laws.
Accurate Franchising, Inc. has years of experience helping our clients conduct effective demographic research. Reach out to us today to learn more about how to grow your franchise.