All franchises & business opportunities can be analysed for both growth and profit potential using very simple rules. These rules apply whether you are starting a business on your own or considering buying a franchise opportunity.
The first golden rule in business is to analyse the market place that you are contemplating to enter. Is it a declining market or is it growing? Is it becoming more competitive or less? Is it forecast to grow or decline? The same rules apply when you are considering buying a franchise opportunity. What forces are at play in this segment?
Let us assume that you are thinking of entering the retail trade and specifically men’s clothing.
By analysing the market or commissioning market research you will quickly discover that the segment is very tough indeed. Average retail prices when taking inflation into account have actually fallen in real terms. Average cost prices have not fallen so quickly. Margins are being squeezed. Average spending power has actually increased so certain highly specific segments within this segment could still hold their own.
The growth in mail order and internet shopping for these products...
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