FRANCHISING 101
A Franchise Competitive Analysis
Know what you’re up against
A franchise competitive analysis is an essential part of starting a franchise and should be included in any franchise business plan. A solid competitive analysis helps you identify your competitors, understand their strengths and weaknesses, and develop a strategy to compete in that market effectively.
To conduct a competitive analysis, you will need to:
Identify your competitors
This includes both direct and indirect competitors. Direct competitors are businesses that offer the same products or services as you. Indirect competitors are businesses that offer products or services that are similar to yours, but not identical.
Gather information about your competitors
This information can be gathered from a variety of sources, including:
- Their websites
- Their social media pages
- Their marketing materials
- Industry publications
- Government databases
Analyze your competitors’ strengths and weaknesses
Once you have gathered information about your competitors, you need to analyze their strengths and weaknesses. This will help you identify areas where you can compete effectively and areas where you may need to improve.
Develop a competitive strategy
Once you have analyzed your competitors, you need to develop a competitive strategy. This strategy should outline how you plan to compete with your competitors and achieve your business goals.
A franchise competitive analysis is an important tool that can help you succeed in your franchise business. By conducting a thorough analysis, you can gain valuable insights into your competitors and develop a strategy to compete effectively.
Sparrow provides a complete franchise competitive analysis
At Sparrow Franchising, we not only know the importance of this part of franchising, we love doing it. That’s not the case with other franchise consultants or experts. In short, Sparrow provides all the materials you need to not only be franchise ready, but to actually sell and open your franchises with new owners. Having this done as one complete service doesn’t just save you time and effort bouncing from one company to the next to get franchised, it is the reason we are the most affordable way for you to franchise.
Need something specific?
Let’s Talk
While we can be your all-in-one stop for everything you need to franchise, we can also help out case by case with one specific part of the process, such as a franchise competitive analysis. Contact us today for a FREE consultation.
The basics of how to franchise
FRANCHISING 101
This is the first stage of the process and an important one. You are learning the basics and making sure your business is even franchisable.
Here are five of the most frequently asked questions with the answers you need to know. We offer a free consultation and no question is off the table.
What is a Franchise?
At its most basic level, franchising is simply a specific form of distribution for goods and services. But that’s a pretty generic and wholly unhelpful definition. So let's dig a little deeper...
Why should you Franchise?
With other expansion options available, how do you know if franchising is the right way to expand your business?
Alternatives to Franchising
There are other options to expanding your business other than franchising.
Is my business Franchisable?
You have a successful business and you’ve decided you want to franchise it. How do you know if your business would make a good franchise system?
How to Franchise a business
A good franchisor should train, guide and support a franchisee in every aspect of their business. That means a good franchisor’s training and support infrastructure will never stop expanding and evolving. But, when you start, here are the 6 foundational pillars you’ll need to legitimately consider yourself ready to franchise.
Some other helpful resources
Here’s a few very helpful links that help you understand the path and process of how to franchise a business.
This Guide is provided by The Federal Trade Commission, the nation’s consumer protection agency, to help you decide if buying a franchise is right for you. It also explains how to use the disclosure document that franchisors must provide. This is just one of the many documents Sparrow delivers for our clients.
The SBA Franchise Directory contains all franchise and other brands eligible for SBA financial assistance. The Directory will only include business models that are reviewed and found eligible under SBA’s affiliation rules and other eligibility criteria. Another big step in the process that Sparrow delivers for our clients.
SCORE’s business mentors and tools can help you start, grow, or transition your business to a franchise. While they don’t actually do what we do and can’t actually franchise your business, they can be a great resource for making sure you, and we, do it right. SCORE is available to you no matter where you are in your business lifecycle.
