I’ll Take No Competition, Please

Posted by Tom Scarda, Certified Franchise Executive on May 3, 2021 8:00:00 AM

In franchise consultant, life decisions

If I told you that I know of the most extraordinary franchise opportunity with a unique offering, no one has done it before, and no one has ever heard of it - Would you want to jump on board?  

Most folks who don't own businesses do not understand competition and miss the point that a competitor is not a threat, it's a clue. Competition means a consumer need in the market, there is money to be made, and the demographics in the area work for the concept. Did you ever wonder why fast food joints are typically lined up next to each other or across the street in certain areas? 

People often think that because there is no XYZ Franchise within 50 miles of where they live, it would be easy and make tons of money in their town.

Perhaps there is a reason that XYZ Franchise has not opened within 50 miles of their town. It might even be because the XYZ Franchisor's headquarters won't allow XYZ in the market because demographics are not strong enough, or unfavorable regulations, or lack of expansion readiness. It's even possible that a franchisee already owns the territory's rights but hasn't developed it yet. Sometimes, even with no local competition, the XYZ franchise's typical income and lifestyle won't satisfy the dreamer's investment objectives.  

Franchise professionals know that there are situations when less competition is better and other cases where more competition is the best news for a prospective franchisee.  

Another note on competition. Whatever you think about, you notice more. My wife recently leased a crossover Truck in white. When we first saw it, we loved it. We have never seen anything like this vehicle. Since we got the car, we've seen this exact vehicle everywhere. Did you ever experience this phenomenon? It's the law of attraction. What is in your mind shows up in your reality. It doesn't show up magically. It was always there. Now you just notice it.

Suppose we were to work together and I recommended that a particular gym concept was great for you. In that case, you'd end up seeing its competition everywhere. These gyms didn't just pop up. They've always been there but, you don't remember noticing them before. Noticing competition will happen as you go deeper into investigating franchises. It's natural and normal. The key is to focus on how your new franchise will beat the competition that will definitely be there.

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