Take, for example, location. Sure, location means looking into space for lease and the type of location, whether it be a self-standing building, online store, kiosk, etc., but it also means looking into the demographics of certain towns and cities.
When my husband and I decided to establish a children’s enrichment center, we had to take into account the number of children in the area, income, age, and more during our initial site scouting stages. After all, our business most likely would not have survived in a neighborhood where the status quo was comprised of aged adults in a retirement-type setting.
The prior-mentioned enthusiasm and money also play parts in a successful business, yet overall, the business model and concept are the key ingredients in a recipe for success.
While original ideas are a great start, need-based businesses in key niche markets are the way to go. This means that an entrepreneur’s business must be needed, not only in his or her targeted market but in general.
In my situation, I found that in most circumstances, parents in all differing geographic areas are looking for a new type of place to take their children to not only keep them occupied but also let their minds wander free while learning and developing, thus making ours a need-based business. And if my prospective market was blossoming with fresh families, I knew the business was sure to succeed.
The Decision to Develop
After the entrepreneur’s business has been opened and if it has boomed more than anticipated, the consumer demand may have the business founder wondering if branching out would be the best choice. If the entrepreneur conducts extensive research and, of course, weighs all of the pros and cons and decides to open one or more separate business locations, only to find that these, too, become more than successful, it may be time for the entrepreneur to begin thinking of things on a national-chain level.
This leads to offering a franchise opportunity on a level of the entrepreneur’s choice, whether it be statewide, regional, national, or even international. The decision to franchise is often not only a hefty decision with several different aspects but also, in many circumstances, foreign to the entrepreneur who once had a great idea that suddenly exploded in certain markets.
Under these circumstances, it is most useful to hire an outside company that excels in franchising and market growth. Take, for example, the Waco, Texas-based Findley Group, the nation’s premier franchising consulting firm. The group is led by the former Curves International president credited with growing the nation’s largest women’s-only fitness chain to 8,000 units by the time he left the company in 2006 to pursue new opportunities in franchising. The Findley Group selects emerging companies beginning to offer franchise opportunities and provides sales representation and consulting services for marketplace growth.
Companies such as the Findley Group are known for superb development planning and building brand awareness in the entrepreneur’s choices of development markets, which are promises for growth and undoubtable success. Part of being a successful entrepreneur is knowing individual strengths and weaknesses while also understanding when it is time to turn to a professional who can take a business to the next level of growth.
About the Author
Babz Barnett, a resident of Richmond, Virginia, is not only a proud mother of two but also the co-founder of the next big name in the world of children’s niche businesses. Barnett and her husband, Michael, are the founders of Romp n’ Roll, an innovative children’s enrichment center that offers music, gym, art, parties, camp, fun, and more, all in a one-stop, whimsical environment.
What stemmed from Barnett’s frustration with having to tote her children to multiple locations for activities and lessons turned into one and then two extremely successful Romp n’ Roll flagship locations in Richmond, Virginia, leading the Barnetts to begin exploring the idea of franchising their booming concept. Three months after Babz Barnett’s decision to begin offering her business as a national franchise opportunity, she found herself with six signed franchise agreements and franchise mogul Gary Findley and his group knocking on her door.
Today, the Barnetts, along with the Findley Group, are in the midst of working with six signed franchisees that will open Romp n’ Roll locations throughout five states by the end of 2007. For more information on Romp n’ Roll, Babz Barnett, the Findley Group, and/or Romp n’ Roll franchise opportunities, visit www.rompnroll.com.
