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Interested in buying a franchise? You might have your franchise goals in place, but there’s one more step you must take. Now’s the time to start thinking about how you’ll market it.
Considering how you’ll promote and build your franchise is a critical step in the buying process. You have to know if your investment has potential to grow and thrive, and to get a solid understanding of that, you have to know how you’ll reach your potential customers. That starts with considering your possible marketing plan.
Although you don’t need to have all of the details lined up, there are four key things to look into before you buy your franchise.
1. Location, Location, Location
This phrase, “location, location, location,” isn’t prolific in the real estate industry without reason. The place where you plant your roots makes a big impact. That’s true of home ownership, and especially true of franchise ownership. Pick the wrong location and you’ll face a tremendous uphill battle when it comes to marketing.
Before you buy, your franchise, look specifically at where you might be able to set up shop. Consider the demographic in the area, the ease of access, the visibility, and amount of parking (if that’s important to your franchise). Knowing this will shape how and where you promote your new business once you open your doors.
Also, ask about territory exclusivity. Will you be able to stake a claim in your part of town? Or could another shop open up nearby, cannibalizing your business.
2. Materials Available
The benefit to buying a franchise is that you get to tap into the success of an existing business. That includes their marketing materials.
Franchises have tested and tweaked marketing messages, color schemes, and designs, and that testing works to your advantage. However, even though the vast majority of franchises give you access to these materials, not all materials are the same.
Before you buy, research what’s available to you as a franchise owner. Then, strategize about what materials you’ll need to reach your demographic. If they align, you’re good to go. If not, you might need to budget more money to invest in the extra resources you’ll need.
3. Know Your Community
One of the best resources for any business is the community nearby. The same is true for franchise owners, especially when it comes to spreading the word about your new operation.
Before you buy, get to know the community you live in. Attend local Chamber of Commerce events and networking events. Even if these people aren’t in your target market, you might be able to form some strategic partnerships. Look at who’s attending and which businesses are taking off in your part of town, and then buy a franchise that answers your local demands.
4. Giving Back is Still a Good Idea
Even though you’ll be operating under an established brand name doesn’t mean you cannot give back to your local community. Talk to the various franchises you’re considering buying and see if they have any kind of give back program. If not, ask if you’re able to start one. Not only will this help raise awareness about your company but it’ll also help you leave a lasting footprint in your area.
Marketing Starts Before You Buy
Marketing cannot be an afterthought if you want to succeed in franchise ownership. Start thinking about these factors now, before you buy, to help you find the best opportunity for your interests and location.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.