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Questions to Ask Before Buying a Franchise – Location, Location, Location
There’s an old adage that in real estate there are three supremely important factors: location, location, location. The same holds true for franchises. A prime location will have high visibility, easy access, lots of customer traffic and minimal nearby competition.
One question it’s easy to overlook, though, is how many franchises the business already has in your area. In the Starbucks boom, the number of new franchises became so high so quickly that in some areas the market became oversaturated, forcing a company-wide strategic shift and the closure of many franchises.
The same thing can happen on a smaller level if you’re not careful about where you open your franchise. Check with your business’s corporate offices to find how many other franchises they have in your city and where they are located. Make sure you’re in compliance with any corporate restrictions on the minimum distance between franchises or on how many franchises can operate within a given area. Research the locations of your top competitors. Find an area that is relatively underserved in your industry so that you can carve a distinct niche in your city’s market share.
Once you’ve found the top few options for where to locate your franchise, investigate the visibility, accessibility and foot traffic of each site. The best locations are the ones where customers are already coming for a non-competing reason, such as in malls, near tourist attractions or convenient to heavily populated office space. Your signage should be easy to see from a distance, and the store should have convenient parking and easy access for customers on foot.
Mathnasium Franchise Spotlight
Let’s face it – math is tough. So tough, that many kids need help reinforcing the basic principles and learning the more advanced mathematics so that they don’t fall behind in their school work. There’s so much to math that students often fall behind in their studies before they even know it, which can be detrimental in the long run. Even worse is when the challenge of math has children disliking it – then they’re definitely unmotivated to learn. That’s where Mathnasium: The Math Learning Center comes in. Mathnasium is a children’s educational franchise that engages kids through interactive, hands-on activities. And being that quality math tutoring and instruction is a sticking point for parents today, Mathnasium is one of the fastest growing available children’s franchises, offering a high ceiling for money-making potential.
As a Mathnasium franchise owner, you’ll manage a team of math experts who will help you provide a fun and educational circiculum to the children you will serve. And like all franchises, if you need assistance, you won’t be left hung out to dry. By owning a Mathnasium franchise, you’ll become a part of a professional network that will provide you with the support and tools necessary to succeed. Remember, as a franchise owner, your success dictates their success.
The estimated investment rate for a Mathnasium opportunity begins at about $93,000. Financing options are also available to would-be franchise owners. While this price point may seem somewhat steep, remember that most kids need help with math and that the ones that don’t need help with math often want additional instruction so that they can get ahead and stay ahead of their peers. It’s why Mathnasium is one of the fastest growing franchise opportunities in the country. And it’s why your initial investment could pay off big time in the long run.
“**Due to the date this article was published, store count and financials may be inaccurate. Please refer to Mathnasium Learning Centers page for the most current information.”
Children’s Education Franchise Spotlight
Mad Science Franchise
When you think of franchise opportunities, chances are that things like children and child education may not immediately come to mind. But there’s arguably just as much opportunity involved in owning a children’s educational franchise as there is in being the owner for another type of franchise. There’s also arguably more money-making potential, as there will always be children who need help with learning and engaging with others, and parents who strive to give their child the best opportunity for succeeding in life. This is because children’s franchises aren’t solely for entertaining the younger clientele, but also educating and developing them.
There is a vast amount of choice in terms of selecting from a children’s educational franchise. For example, Club-Z is an in-home tutoring service, where franchise owners will manage a staff of tutors that help out kids with specified school subjects. The tutoring is done at the child’s home, so you don’t need a specialty building to hold such sessions, which keeps franchise investment costs down. Plus, tutoring is becoming a much more popular business. Tutoring is one thing, hands-on learning activities are another opportunity.
That brings us to Mad Science, a franchise that entertains and engages children through hands-on science-related activities. Studies show that children who are engaged and actively participating in activities are more likely to learn and retain information better than those who aren’t.
Another example of a children’s franchise is Mathnasium. Although Mathnasium requires a higher investment amount than many of the other children’s franchise options, it also offers a potentially higher payoff by specializing in one area of school that many students struggle with – math. Mathnasium engages children and teaches them math, while reinforcing basic arithmetic, through games and activities, so as not to make it seem like a boring chore.
“**Due to the date this article was published, store count and financials may be inaccurate. Please refer to Mathnasium Learning Centers page for the most current information.”
Franchising and Social Media
The goal of social media shouldn’t be just to increase profits. The goal of social media should be to further create brand awareness and draw attention to your product. In terms of a franchise, it should be used to further craft a particular brand, thereby creating further awareness to a particular brand while conveying a positive image. And with that we have one of the more recent trends in social media: franchising.
Specifically, franchise social media is using things like Facebook, Twitter and FourSquare within the means of a franchise’s goals. What does this mean? Well, unlike your personal Facebook or Twitter account, which you use to sound off on your rants, thoughts, feelings – whatever – franchising with social media requires a bit more structure. Determine what your company’s goal is, what message you want to convey in your social media posts and then craft a strategy where you execute these goals.
Just think, if you’re a potential franchise owner, do you want to wait for paperwork in the mail to come about the benefits of joining the franchise? Or would you rather just log online and see other franchise owners just like you, not to mention franchising and social media allows companies to be much more transparent. Interacting on social media allows potential franchise owners the chance to see how a certain company promotes itself, which is much more than a brochure or piece of pamphlet could do. And do you really think you wouldn’t be able to tell over a Facebook or Twitter account is someone was unhappy with the service or quality of a product that you’re interested in investing in?
Social media has allowed companies to become much more transparent, which could be the biggest selling tool above anything else.
Sport Clips, An Industry Leader, Signs with Franchise Clique
Sport Clips practically invented the men and boys’ haircut niche. With their fun facilities filled with sports memorabilia, their huge TVs with games and highlights, and a fun and friendly staff, you’ve got the recipe for a very loyal clientele. That’s probably one reason they’re in the top 100 on Entrepreneur’s “Franchise 500” List.
Since they began franchising in 1995, the business has grown to over 750 franchisee-owned stores in the United States. This franchise has also innovated great ways to keep in touch with its franchisees through business newsletters, toll-free phone lines, sponsoring your Grand Opening and purchasing cooperatives. Since it’s such a recognizable brand, it’s safe to say that everyone in town will know that you’re opening your Sport Clips doors.
As a Sport Clips franchise owner, you will also be participating in a philanthropic business. Sport Clips has been a major donor to organizations like the VFW’s Operation Uplink, which has raised money to provide free calling from active-duty military to their families while overseas. It’s one of the many great benefits of working for a company that cares. We look forward to learning even more about Sport Clips and we hope that you will too.
Marijuana Vending Machine
There’s no end to all the crazy things people are sticking in vending machines these days. And this story is a testament to that. According to a TV station in New Zealand, a popular nightclub called the Daktory, is now selling 1 gram bags of cannibis out of a vending machine. Even though in America you can get live bait, a cupcake and maybe a pair of shoes, this is really raising the bar of oddities in vending. But this also seems to be quite lucrative of the vending business opportunities, says a local TV station.
Source: minyanville.com
However, we now understand that at least 4 patrons of the machine have been arrested and the machine has been confiscated off the site of the Daktory. Though the grams sold for only $16.20 each, there was said to be hundreds of dollars sold in a given night. Is this the oddest thing you’ve heard of being sold in a vending machine? Let us know!
What Will They Think of Next?
Did you think that cupcakes were the only weird thing found in vending machines? Well, think again. A British company has recently sold rights to two American women to own and operate a new vending machine in America according to the Washington Post. This vending machine distributes ballet flats for women who are fed up with their 6″ heels. You can find the vending machine, called Rollasole, outside of nightclubs in Vegas and L.A.
The two American girls found that they had been beaten to the punch with this shoe vending business opportunity, but found that they could buy the rights to operate Rollasoles in America. So that’s exactly what they did. Ashley Ross and Lindsay Klimitz are now making women’s feet happy out west. I hope they will be a great success, as the flats are not only cute, but affordable, at $20 a pop.
The New American Vending Machine
Vending machines have been a staple in the American landscape for years. But now it seems that they’re getting a little revamp from the country’s entrpreneurs. Taking cues from other parts of the world (in Japan, everything from soup to beer to iPads are in vending machines), business owners are looking to add unconventional things to vending machines. In this post from the Wall Street Journal, a man in Pennsylvania shops at a vending machine for his live bait. It saves him a lot of time and the bait is always in good condition.
Pennsylvania man with his live bait from a vending machine.
This kind of innovation may be just what the vending franchise industry needs. With dwindling numbers, it’s the perfect time to reinvent what goes in the machines and what customers expect from them.
Papa Murphy’s Gets Coveted #27 Ranking
Papa Murphy’s is used to getting accolades. For the last few years, the business has been booming and growing exponentially. This year, it has snagged its all-time high of #27 on Entrepreneur Magazine’s “500 Franchise” List. Just four years ago, this restaurant franchise hadn’t cracked the top 50! They’ve also managed to open over 200 new stores in the United States since 2008, which has been during the height of the Recession.
We’re happy to see the success of Papa Murphy’s franchise because we believe their business plan is the real deal. With decreased costs from other pizza chains, it is able to offer delicious and affordable food without all the overhead. It’s also great for the consumer because it’s the carry-out convenience that they’re looking for. Papa Murphy’s also stands out in other ways. Their franchise is committed to helping out franchisees during every phase of ownership–with week-long training, co-op advertising, meetings and a toll-free line available to their franchisees at all times.
Chem-Dry Signs with Franchise Clique
Chem-Dry is a highly specialized upholstery and carpet cleaning franchise that has been featured on the Entrpreneur Magazine’s “Franchise 500” list many times. This year, it’s in the top 50. Cleaning franchises are set to grow exponentially in the next few years. The smaller start-up costs and home-based business model has intrigued many people it seems.
The Chem-Dry franchise should also intrigue you, as it is one of the fastest growing and successful businesses today. There are over 2,165 in the United States and almost 2,000 more abroad. They train you at the headquarters in their unique cleaning method called the Hot Carbonating Extraction process. Their innovative technology will have your clients loyally returning.
Since they’ve been in the business since 1977, Chem-Dry not only has a great reputation, but they have great brand awareness. The name is synonymous with clean homes! We at Franchise Clique are very lucky to have Chem-Dry on board and we look forward to telling you more about their franchise and its success.
Dante’s Pizza Vending Kiosk
This vending franchise has coined itself “recession-proof” and “gimmick-free,” but what does it do? Well, Dante’s is a low investment vending franchise provides low cost Italian food in a vending machine. That’s right, you can get pizza from a vending machine. All your customers need to do is slip their money in and choose their product. The machine will then simply grab the item and drop it down for them.
Products include pretzel bread sandwiches, mini pizzas and Blue Bunny ice cream.
For just a few hours a week (restocking), you can make some side income with your Dante’s Pizza Kiosk. And if it’s working well, there are always options to expand your vending franchise and put more Dante’s in more locations for a great revenue stream. Some places that Dante’s recommends for their machines are: skating rinks, parks, college, hotels, family fun centers, arenas, bowling alleys and large offices.
You can get started on your vending franchise business by requesting more information on FranchiseClique.com.