Franchise Resources

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Franchise Buying Decision

When considering businesses to buy, you will want to consider selecting one that serves a market that you are personally familiar. That is, a business in which you would buy the product or use the service yourself. By being part of the targeted market you have an immediate connection with the needs and desires of your potential customers.

Three questions to ask yourself to determine if you are part of the targeted market:

1. Do I currently buy this product or service?

If you do, then your tendencies and habits will also be those of your prospective customers. By knowing yourself, you’ll know your customers better. Thus, being able to service their needs in a personal way.

2. Have I in the past bought this product or service?

While you may not have recently purchased, you may have been a consumer in the past. For instance, when your children we’re younger, you had birthday parties at inflatable party companies. Now that they have grown, you no longer need to. But, you remember what it was like as a consumer back then.

3. Do I intend to buy the product or service in the future?

This is where you are in the research stage of a new purchase. While you have not actually bought the product, you are investigating all the options. This unique perspective allows you to connect with other potential researchers as your future customers.

By being part of the targeted market of your prospective business, you’ll be setting yourself up for better success. Success starts with knowing your customer.

About the author

Rob Bennett

Rob had served in the corporate-world for 18 years filling various technical capacities, from structural design to project engineer. His experience lends to FranFinders strategic planning, systems design and optimization.

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