Niche vs Broad

A common mistake made by potential franchisees in their determination process is that a general, more broad franchise is the way to go. No one is quite sure why this route is so well traveled. Perhaps their quest for great wealth has clouded their vision. Nevertheless, the niche franchise road could be a smoother ride.

Don’t get me wrong. There are still plenty of tricky bridges to cross when choosing a more specific audience. Less name brand appeal is one obstacle, for example. But on the flip side there is also less competition. Big name franchises appeal to the masses, yes. But by finding a franchise with a specific market you will ultimately shrink both your audience and your competition simultaneously.

With a more specific audience, advertising and marketing your franchise will be that much easier. You can spend more time promoting yourself instead of desperately trying to showcase how you are better than the big guys. As your core audience becomes more enticed, word of mouth will spread, and your business will grow.

And of course there is the expertise factor. Chew on this: as a consumer would you rather approach a person who knows everything about one topic or someone who has more extensive broad knowledge? Probably the former; you wouldn’t go to your local walk in clinic for a painful tooth ache just like you wouldn’t go to a widespread fast food restaurant for your anniversary dinner.