Retail Franchising Feature
It’s a common misconception that the retail industry can be narrowed down to a variety of clothing stores. In actuality, retail is so much more than what’s on the rack. Nearly every store in every mall is a cog in the capitalist economy that is retail. Any business focused on the sale of products, is a part of the huge industry of retail. In fact, any business that provides goods and services created solely for consumers wants and desires could be considered retail.
Retail could be high end products or a giant department store, a dollar store or toy store. Either way, there are a lot of different retail franchises that are successful and well known throughout the U.S. For investors looking to explore different types of opportunities that focus on customer services and sales, a stroll through the local mall can help determine which type of retail best suits your personality and interests.
Technology and electronics
Nearly every American family has a variety of electronics and gadgets throughout their house. In fact, 96 percent of households have a television set, and by 2015 over 86 percent of homes have a computer while nine in ten American adults own a cellphone.
Those numbers indicate a pretty high majority of Americans using electronics on a daily basis, which also means they need a place to purchase and peruse all of the gadgets and newest technologies.
Big box retail stores that specialize in technology and electronics tend to carry a variety of other products to boost profit. A great benefit of such outlets is that they carry hard hitting name brands: Sony, Apple, Panasonic, HG and the list goes on and on.
Not only will the brand name of the franchising store gather customers, but also the reputation of the products inside.
Tech stores usually offer services to repair or improve their products, helping beef up their profit.
It’s best to review the different products and options of available electronic franchises in a territory to see which best suits your desires.
Children have pretty big buying power in this country. As 20 percent of the population, children account for a big portion of consumers.
Children's products used to be one department in a large store, but it is now a store in itself. There are entire franchises that focus on children’s clothing. From toys, to fads, to gadgets and board games, kids have taken over the market in a whole new way.
Children are constantly exposed to advertising nowadays and the economy has had to create new venues to respond to their ever growing needs, which can change overnight. Stores were born from this desire, and children=only franchises have blossomed as a result. There are children’s clothing stores, toy stores, accessory store, sports stores and much more in the retail field.
If you love working in sales and would love to work with kids, this could be a great option. Though most franchise do not call for much hands on contribution from its franchisees, it’s a great opportunity to make children happy while also gaining great success.
A lot of clothing stores used to be businesses within themselves, but more big names have expanded beyond their own doors to the world of franchising.
Some big brand names can help gain profit and ensure customers keep returning for consistency. On the other hand, consignment stores have also entered franchising.
Some clothing stores are either men’s, women’s, children or possibley all three. It can be high end or easy profit. Some carry shoes and accessories, or are well known for a specific piece of clothing.
Either way, profit can vary between types of stores so a decent review and research into each type might be worth the time.
Internet shopping options should be considered as well. More and more shoppers are turning to their computers to fill their shopping cart. A Pew Research study found that 79% of Americans shopped online in 2016, up 22% since 2000. Make sure your franchise is an option for online shopping.
Pets have nearly as much buying power as kid these days. 68% of American families own a pet and the majority of them want their best for their animals.
Dogs and cats need more than food; they need clothing, bedding, treats, and toys. Their owners pay for products that generate comfort, reward, safety and so much more.
For the animal lover who enjoys bringing happiness to pet owners, the retail franchise option may be the best bet.
The average American woman spends about $15,000 a year on make up, which is only a small portion of the beauty regime.
There are now full retail stores providing beauty supplies and specializing in certain products. There are even entire retail stores that specialize in soap.
This franchise option is profitable, and has great marketing through social media alone. YouTube channels have thousands of makeup and beauty tutorials that have helped boost sales. That’s free advertising.
Beauty franchises guarantee a wide variety of brand names that consumers love, which are often featured in such videos.
The retail industry has a variety of franchises to offer, which can take some time and research before making an investment. Try to schedule a discussion with some other franchisees about their experience, as well as their profit. Some retailers have tough small business competition, and others might have a big buy in.
While a lot of retailers have a big turn over, some have long-term dedicated staff. Look at hiring and HR policies, and discuss the benefits for employees to see if long-term employment is likely. A stable veteran management team can also help guarantee a larger profit.
A stroll through your local mall can display options as well as opportunities. What’s the competition and where are people shopping the most? What places carry brand names or are a brand name within themselves? Which stores have been standing the longest?
Of course profit isn’t everything; this is a franchising opportunity that can allow one to also pursue a passion or interest. Are you a big sports fan ? Do you love high quality desserts and ice cream? Are you passionate about environmentally-friendly products? Whatever your interest, there is likely a retail service selling products within your line of passion.
Retail opportunities might fade with fashion trends and fads; kids toys come and go, clothing styles are dependent on the season, people replace one beauty product for another. But retail franchises are likely to keep up with the market and help guide the franchise to the next cool thing and stay on track.
If you enjoy customer service, working with a team, love shopping and have a passion for sales, start with a retail franchise because like the products, the options are endless.
ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.