Can the consumer do it themselves? If they can't or just don't want to, well, you just might have the potential to start up a business in your community then! People are willing to pay to forget the hassle and seek help from a business who specializes in that specific service to simply make their life easier, and why not?! Today, we are here to talk to you about the KEY to making your franchise profitable!
Many of you may have seen a show on TV called Shark Tank. If you haven't, entrepreneurs attempt to convince 6 highly successful business people as to why they should invest their money in the next great business idea. Most businesses start this way and unfortunately it's probably one of the biggest reasons for business failure!
Many people start their search for a franchise without measuring the most important thing: are there customers for the franchise? More importantly - and don't miss this - is doing what you are doing so PAINFUL (so-to-speak) for the customer to do themselves, that they have to come to you? In business we call this the Shark Bite (no correlation to the Shark Tank). If your customer can do it themselves or go to you, well that may be like a mosquito bite - and it may be a nuisance that they are willing to live with. However if the customer's pain feels something like a shark bite, then customers will be eager to pay you to ease their pain!
Great businesses and franchises begin by solving a customer problem. This is why it's so important to try and figure out if the franchise that you are buying solves the pain your customers are feeling. For example, take our Shear Madness Haircuts for Kids salon franchise. I know that many of you reading this may be parents, and let's be honest...have you ever tried to cut your two year old's hair? Trust me, it's a shark bite, and our customers are more then happy to have one of our award winning stylist ease their pain vs. trying to do it on their own. And with our TVs and Xbox games at every station to help provide a positive distraction for their children, they end up coming back for years!
So before you select a franchise, focus on the BIG pain point. Remember that any big problem is a big opportunity, and customers will be more then happy to pay you to ease their pain.
Award Winning Care!
Shear Madness Franchising franchises our award-winning Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
💌 Sign up for our customer newsletter for all the coupons, updates, and fun updates!