Competition is not your enemy.
Competition is proof of demand.
Competition should only scare you if you’re a David in a sea of Goliath’s.
If you’re going head-to-head with 20 giants who each have 5,000 5-star Google Reviews…
Maybe choose a different business for your market.
But the reality is…most of the competition in your local market is probably crap.
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Number of franchise establishments in the US: 806,270
Number of people employed by franchise establishments in the US: 8.66m
Total economic output of franchise establishments in the US: $858.5 Billion
Franchises make up 3% of US GDP.
Franchising is a large driver of the US economy and provides opportunities for both potential business owners and consumers.
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According to the company’s 2nd Quarter earnings call, US-based Wingstop store average unit volumes (sales) hit $2 million in Q2 this year, an increase of nearly 28.7%
The estimated initial investment for a Wingstop is $259,400 to $912,100, according to Item 7 of Wingstop’s most recent FDD.
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Over 35,000 pizza restaurants are chain restaurants.
59% of the pizza market share is held by chain stores.
How is it that there can be so many successful pizza businesses?
Because there is a large total addressable market. AKA pizza is a BIG industry.
So if you’re worried about saturation and competition, find a big, fragmented industry with minimal organized competitors.
Buy a franchise in that space.
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Only 16% days of franchises are national or global chains, according to Frankart Global.
80%+ are local or regional brands.
The local brands of today become the national chains of tomorrow.
And many of the national franchises that are sold out of territory coast to coast are already operating in your backyard.
You’ve seen their trucks, their ads, their locations but you didn’t realize they belong to a national franchise.
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Salespeople are paid so well because they’re willing to deal with rejection.
They’re able to get socially punched in the face a hundred times a day and still come back for more with a smile.
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P.S. If you want to learn more about what I do at @FranchiseSidekick or want my help buying a franchise, hit the link in my bio 🔗
*Refer to most recent Franchise Disclosure Document Item 19 and Item 7. This information may have changed since first published. I recommend that you always verify feedback, investment amounts, and offers for the franchise opportunity directly with the franchisor prior to deciding to invest*
According to Frankart Global, 53% of all franchises are owned by multi-unit franchisees.
That means over half of franchisees own more than one location.
One mistake many would-be franchisees make is trying to squeeze too much out of too little.
Yes, one location or territory can work and be enough for some.
But if real wealth-building is the goal, multi-unit franchise ownership is a must.
The odds of generating a $500k to $1M net profit from one location, as a random example, is astronomically rare.
Don’t negotiate the price of success. Just know what it takes and make it happen.
Winning requires the right vehicle. You aren’t getting to Fiji in a car.
In the same way, nobody is building wealth (and I’m talking real wealth) trading time for dollars.
Want to get to “Fiji?”
Start investing in yourself.
Start buying assets.
Start getting paid based on performance.
Start that business.
#Winning #BusinessAdvisor #Success #Entrepreneur #Investor #Assets #Sales #PersonalDevelopment
According to Franchise Times, 10.5% of all businesses in the US are franchises.
Over 1 in 10. Why? How?
Because the franchise model works.
Because franchising is the best method for the largest number of people to get into business ownership.
Period.
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