Friday, July 31, 2015

Not Every Business is Franchise-Worthy

By FranchiseKing (Joel Libava), SBA Guest Blogger

Do you ever have ideas for a new business running through your head? I do.

Most of the business ideas I come up with nowadays are marketing-related. It’s probably because I own a business and I’m always thinking of ways to market my services and products.

But, once in a while, I come up with an idea that’s bigger than just a marketing tool.

An Idea For A Franchise

Many years ago, I don’t remember how many, exactly, I came up with an idea for a retail store. It was an idea that I was able to easily visualize-and still could today. I even had a name for the store. Stores plural, actually. I envisioned lots of stores. Franchises even.

My idea was a niche-clothing store, for men, women and children.

The name of the store: Just Socks. The business would specialize in one thing-you guessed it, socks.

The latest search on Google revealed that as of today, the only business with that name is a little shop located in Perth, Australia, and the business specializes in bamboo socks. (They must hurt going on). So, as of now, my idea still has legs.


Could a Just Socks retail business work?

Would you go to a store that specialized in socks?

Better yet, do you have an idea for a franchise? Would it work?

When it comes to turning a business idea-or an already-established business into a franchise business, there needs to be a market for the product or service. But, where can you turn to see if there is a market for your idea? Where is research market research available?

Market Research Sources

You may not have to invest a lot of money to do market research for your product or service.

According to Caron Beesley, a writer for, “The federal government is the largest producer of data in the U.S. with numerous offices dedicated to collecting, analyzing and providing free access to their findings – good news for budget-conscious small business owners.”

Here are 5 free sources for market research:
The U.S. Census Bureau
The SBA Office of Advocacy’s Business Data and Statistics page

Go here to learn about the data these free resources can provide.

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