Nov. 15, 2006 – Opportunities in the retail business sector are perhaps the most wide-ranging of all and so there will be a wealth of different ventures available to a prospective franchisee. The initial question that needs to be answered is therefore which area of retail will suit the franchisee the most?
Though the prospects in retail are vast, the risks can be too. A vital aspect in the decision to go into a retail business must therefore hinge on the fact that a franchise offers the security of a tried and tested business formula that is ready to be deployed.
A franchise can present a much quicker route to starting up a retail business and it offers the benefit of having a foot in the door, so to speak, already. With a reputable franchiser providing a high-quality brand, established marketing tools and ongoing support and advice, the framework is there to be utilised so that a successful business can flourish.
A good example of a retail franchise opportunity is Thomas Green’s, a company that seeks to give the British expatriate community access to branded products and services they otherwise would have difficulty obtaining in their new community. The company allows the franchisee to “develop a British food based outlet in a country of your choice”, according Thomas Green’s website.
Retail experience would obviously be an advantage for franchisees but like many franchise opportunities, is not a necessity. Due to franchisers providing extensive training in the majority of cases, the opportunity exists to continually expand knowledge of the business in a working environment with access to advice and support from a franchiser who knows their market sector.
Massive benefits can arise from embarking on a retail business franchise such as; established supply chains, economies of scale and advertising campaigns of the franchise itself will all be available from the beginning of the venture.
Allied to this, retail franchises cover almost every kind of store imaginable and one key to success is location. It is imperative that customers can reach the store and that it easily accessible. This has to be at the forefront of decision-making as a bad location could spell the death knoll to a franchise.
It is important that communication is ongoing with both the franchiser, so that problems are flagged up and dealt with immediately, and that staff know exactly what their role in the company is and are aware of the codes of the business and can do their job to their best ability.
One possible stumbling block is the sheer number of retail stores currently in existence. The market will be tough but the rewards can also be very handsome and doing a little homework on the market would benefit both franchisee and franchiser as strengths and weaknesses of other companies could be assessed and then compared to the business opportunity in question.
Copyright Adfero Ltd 2006
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