AAFD Franchise Tip #3: Be Sure You’ll be in Demand
The American Association of Franchisees & Dealers (AAFD) is a non-profit organization that acts to educate the public regarding fair franchise practices, quality franchise opportunities, and to expose the unethical practices. The AAFD recommends that individuals considering franchise opportunities should look for 8 elements to consider in a franchise. They believe all 8 are critical in selecting a good franchise opportunity.
TIP #3: Be Sure You’ll Be In Demand.
According to the AAFD:
Your franchising company should produce and market quality goods and services for which there is an established market demand.
* From “8 Things to Look for in a Franchise” by the American Association of Franchisees and Dealers.
Make sure there’s a strong enough need for the solution you’ll be providing. How many restaurants or sandwich shops does your area have? How many different choices do consumers have? Even if a given franchise has a terrific product (and it better, in this competitive market), how many others are competing for the same dollar in that segment? “If you build it, they will come” might work in a baseball movie, but you better have a better plan for your business.
Additionally, just because a concept works in another market doesn’t mean it will in yours. What’s perceived as a ”gourmet” concept in Jackson, Ms. is not going to be perceived as such in suburban Alpharetta, GA. A meal-prep franchise that might boom in a soccer-mom intensive suburban area might be laughed at in a rural small town. Most businesses offer solutions… make sure there are enough problems that need solving.
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POSTED IN: x Franchise 101, x Insider Tips
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