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Opportunity still knocking for brick-and-mortar owners

| Sep 25, 2017 | Buying & Selling Businesses |

There is a perception among the public at large that the brick-and-mortar retail business is under serious threat by online shopping companies. According to a report released by TimeTrade.com, however, the physical retail store may yet have a lot of life left. There are many reasons for North Carolina business owners and entrepreneurs to consider franchise opportunities.

Among the most encouraging statistics reported by TimeTrade was a finding that 75 percent of shoppers surveyed would prefer to purchase an item in a nearby store rather than online. Additionally, 84 percent of those surveyed said they planned to visit brick-and-mortar locations during 2017 as much as or more than they did in 2016. For individuals and organizations considering franchising, there are a few factors that should get more weight than others.

Location is likely the most important consideration at the inception of any business enterprise. Consistent traffic can mean the success of the venture, and lack of traffic can mean its failure. Entrepreneurs should look for a site that is already developed and has some competition in place.

Quality hiring practices are perhaps as important as location. Securing reliable personnel depends in part on the workforce in the area, so entrepreneurs should target areas with sufficient working-age populations. Retail and food-service businesses have a lot more turnover than some other industries.

Customer service is one way brick-and-mortar franchises can distinguish themselves from their online competition. Therefore, service should be top of the mind during hiring and policy-making. Individuals who are considering franchise opportunities might want to schedule a consultation with an attorney. A lawyer with experience in business and commercial law might be able to help by reviewing franchise agreements or drafting necessary documents to effect ownership transfer.

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