Question

Topic: Strategy

Opening New Franchise

Posted by Anonymous on 8/27/2008 at 8:49 PM ET 250 Points
Does anyone have any tips regarding opening a franchise? Looking for insight on pros/cons and announcing grand opening, but primarily how to target the specific location within a pre-determined geographic area? Is it a gut instinct thing? Thanks!
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  • Posted by Inbox_Interactive on 8/27/2008 at 9:12 PM Accepted
    Depends on the kind of franchise. What service or product?

    And being a franchise, it's most certainly not a gut instinct thing. Part of the reason you're buying a franchise is to get the turn-key, ready-to-go marketing expertise that will get your business running quickly...the "secret sauce," if you will.

    If your franchisor is leaving it all up to you as to how you should be marketing your new business, I'd think twice about what value they are bringing to the table.

    Not to say that they have all the answers and that you can't improvise or do better, but you should at least get some idea as to what has worked best with other franchises.

    You should also talk to other franchisees. No sense reinventing the wheel here.

  • Posted on 8/27/2008 at 9:53 PM Author
    thanks ... this is a food industry franchise (frosty treats) and actually, I imagine the advertising will be pretty much dictated. I suppose my question is more if anyone has expertise/experience in owning a franchise and how they went about making the jump and selecting a location.
  • Posted by Jay Hamilton-Roth on 8/28/2008 at 9:00 AM Accepted
    Talk to Mark Leonard (https://www.yourfranchisementor.com/). He's got lots of experience with buying/owning franchises.
  • Posted on 8/28/2008 at 10:20 AM Author
    THANK YOU! Great advice!
  • Posted on 8/30/2008 at 11:40 PM Author
    You guys have been great. Lots of resources to keep me busy investigating further. I feel pretty good about the franchise targeted here, but all this insight will be invaluable in dotting i's and crossing t's. Thanks again!
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