A Retail Franchise Buying Tip

April 25, 2013 By Leave a Comment

5272859613 4e44a2a94a A Retail Franchise Buying Tip

If you’re buying a retail franchise business, you’re going to need these.

Feet.

That’s right; you’re going to need a lot of foot traffic.

This foot traffic needs to start in the vicinity of your franchise business.

Because if you have foot traffic nearby, you’ll have an opportunity to convert it into your traffic. Your stores’ traffic.

Traffic = Revenue 

 

Research The Franchise Opportunity

It would be nice to know (before you buy the retail franchise of your dreams) if current franchise owners are getting it.

So, ask them.

(If they’re getting a decent amount of foot traffic)

Some of the franchisees will tell you that they are; some will tell you that they’re not.

 

Dig

Dig deeper into their answers.

Find out what’s impacting their foot traffic. Ask them if the franchisor does whatever it takes to make sure that they have the best chance to get decent amounts of traffic into their stores.

Ask the franchisees what some of things are that they themselves have done to increase store traffic.

And, if you end up buying the franchise that you’re interested in, refer back to your notes.

Those notes…the answers you got from the 10-15 franchisees that you called and visited, have some real gems that you can use in your franchise operation.

To grow it.

 

 

Traffic Tips

If you’d like to find out what retail business owners are doing to increase their store traffic, check out this post that I wrote for Small Business Trends.

Maybe there’s a gem or two you can use in your future retail franchise.

click franchise owner A Retail Franchise Buying Tip

Image courtesy of Wonderlane, on Flickr

Filed Under: Buy a franchise, franchise locations, retail franchises, Work With Joel Libava Tagged With: , ,

A Tip For Future Retail Or Restaurant Franchise Owners

July 2, 2012 By Leave a Comment

5344532701 5751d7e0ae A Tip For Future Retail Or Restaurant Franchise Owners

(Courtesy of Lyris F’s Flickr Photostream)
 
If you’re looking at some of the more popular franchises, I’m assuming that you’ve noticed a common theme; they all require employees.

While the actual amount of employees needed varies from one business to another, the bottom line is this; you’re going to want to find ways to keep the best ones.

 

It’s Not Just The Money

 
Most of us think that it’s always about the money when it comes to retaining good employees. Not always. Your retail franchise or your restaurant franchise employees like money, that’s a given. But, they also like other things, and if you’re lucky enough, (or smart enough) to figure out what they are, you may be able to reward them with perks that they actually want.

 

The #1 Reason Your Employees Will Stay

 
So, if your employee retention activities aren’t going to be about offering your employees more money in the way of cash bonuses or even raises, what is it that will get it done?

Lucky for you, I have connections. I was one of the first to read the particulars of the GrowBiz Media Small Business Hiring and Retention Survey for 2012, and I found out what the #1 thing is that you can do to keep your employees happy. (And, working for you)

Find out what the survey revealed about retaining employees.

Surprised?

Remember it.

 

If you’d like some help figuring out which popular franchises you should be looking at-as well as which ones you need to avoid, check out my guaranteed franchise ownership advisory services.

 

Filed Under: popular franchises, restaurant franchises, retail franchises Tagged With: , ,

The Perfect Location

April 26, 2012 By 3 Comments

Last week, on your way to work, you noticed that there was an empty retail space in one of the more popular strip centers in your area. Although you’ve shopped there in the past, for some strange reason, you can’t remember what used to be in that empty space. Whatever.

And, speaking of work, you’re pretty darn miserable there, and you’re not feeling very positive about your future. You’ve been semi-looking around for a new job, but you haven’t found anything that excites you. As a matter of fact, the idea of starting yet another new job is a pretty depressing thought.

Which is why you’ve been casually scouting out possible locations for a business. Of your own. A franchise?

Here’s the thing;
 
2594759852 500a6de0f9 The Perfect Location
 
You’re putting the cart before the horse.

First of all, have you even determined if you’re suited for franchising? That’s kind of important.

Have you decided on a budget?

Are you married? (Huh?) Are you married–or do you have a partner? If so, have you asked them how they feel about your idea?

 

About That Location

 

Assuming that you’ve determined that you’d fit nicely in a franchise system of some sort, what are you trying to accomplish by looking for potential locations for your new business? Do you even know if the franchise you end up investing in would require a retail space? If you aren’t sure yet, even The Retail Doctor can’t help you.

You may have found the best location in town for your yet to be named business, but it doesn’t matter. Again, it doesn’t matter.

Yet.
 

Watch this short video to find out why….
 

 

 

Filed Under: franchise locations, franchise system, local communities, retail franchises