Start a Franchise in Northern Indiana
The Benefits of Owning a Franchise
If you were asked to list the first 5 franchises that come to mind, you’d be able to do that without a second thought. This list could cover anything from retail chains like ACE Hardware or 7-Eleven, to food franchises such as McDonald’s or Taco Bell. In the United States, every town (no matter the size) is likely to have a franchise of some kind along with other businesses in the mix. For most people looking to open a franchise, the appeal is the same across the board—these larger chains offer far too many benefits that locally owned and operated businesses can’t always provide. As commercial real estate brokers in Indiana, Sturges Property Group has seen the impact franchises can have on a community.
You’re Not Alone
When opening a franchise, understand that you are not alone at any point in the process. The beauty of a franchise is that the groundwork has already been laid. This doesn’t mean opening your own franchise will be easy, but there is additional support of a successful business model already in place. With the help of this established business model, you are able to put your mind at ease that you are not starting from scratch with new plans.
A franchisor, or a business who is selling a franchise, provides all the brand standards, operating systems & manuals, marketing plans, and quality control guides. Having these guidelines already established for the franchisee allows plans to flow more easily.
Franchises Benefiting the United States
With franchises constantly popping up across the entire United States, it’s easy to believe that they are providing some sort of benefit to the communities around them. In 2018, the IFA Economic Impact Study found that franchising directly created 7.6 million jobs for Americans. With over 733,000 establishments across the United States, we have been able to see an impact on not only a local scale but a national scale as well.
When looking at the impact franchises have had in Indiana, it proves that even on a smaller scale, a positive impact is still present. Of those 733,000 franchise establishments, 16,500 are in Indiana providing 189,000 Hoosiers with employment. Not only are franchises looking to make their way into Indiana, but many have originated in Indiana. Texas Roadhouse is among the many franchises that call Indiana home and have since expanded to 563 locations throughout the world in countries including the United States, Mexico, South Korea and more.
With some franchises, the cost of buying or renting a space is not included in the purchase of the franchise. In this case, the franchisee can take this opportunity to fill space in the area that is currently not being occupied. For some towns, this can make a big difference by moving towards filling those empty commercial spaces with businesses again and making a town look more alive.
According to the International Franchise Association or IFA, most franchises are seeking to have a presence in the top 350 markets in the United States. It makes sense with a higher population that there would be a larger customer base, but there is a second market to consider. Lower populations offer a smaller market but those consumers are often under-served and looking for larger businesses to come in and fill in the gaps in the community. Not every business will work in a smaller market, but if a franchise is able to fulfill a need, then they will most likely be welcomed and supported in the community.
Need help finding the perfect space for your franchise venture? Call the commercial real estate experts at Sturges Property Group—their team of brokers can help you find the best space for your business.