Here are three major issues and perspectives on their evolution in the area of business:
The Impact of Slowing Economic Growth
Right now the slowing economy in the Unites States is causing a ripple effect throughout the world. The main causes of this slowdown are the current housing crisis, high energy costs and the over extension of consumer debt. The major effect being felt from this crisis is that people are losing their jobs and new job creation is not keeping pace with unemployment. When this happens, interest in starting and owning businesses begins to increase. The right kind of business to own in such an environment is a franchise business that deals with essentials that consumers cannot do without. Why a franchise? Because it provides the investor with a chance to use readymade experience that he would otherwise have to acquire on his own and valuable market recognition that would otherwise take years to build. A good example of this kind of franchise is the dry cleaning business.
The Changing Face of Family Units
In today's economic times and in most families both parents have to work. This results in families changing the way they structure their time. Many modern families have breadwinners that work flex schedules, work from many locations, and have to do a lot of traveling or even relocate several times. Such a climate poses major problems for child care. Fathers and mothers have to find businesses that will take care of their children while they attend to the demands of their positions. This trend demonstrates yet another one of those global issues that affect business that can be solved most effectively by franchising. There are many good child care franchises out there. By making the investment into one of them the buyer eliminates the problems with higher insurance costs and poor business models.
The Challenges of An Aging Population
In the United States it is the graying of the so called "baby boomers" created after the Second World War; In Germany the death rate has not kept pace with the birth rate for more than twenty years; they have to outsource for jobs from India. In Russia the population has been declining steadily over the past ten years.
All of these trends point to the need for businesses that support aging and engage in outsourcing employment. This is a niche which is especially suited to global franchising. Perfect examples are nursing home franchises and temp agencies.
These are just some of the global issues that affect business now and into the future that can be most effectively handled by global franchising efforts.
When it comes to ensuring your business stays in business it is a good idea that you keep a watchful eye on your competitors. This is also the case when starting up a new business because you will need to know what type of competitors that you will be going up against.
When it comes to starting up a business it is essential that the first thing that you do is to conduct your market research. This function is very important as it will lay the foundation of your business and determine its potential profitability. Market research will help you to identify your target market and how profitable it is likely to be.
Another important aspect of market research is to determine your competition. If you have uncovered a profitable market there is a high chance that there are a number of competitors that are already in there and making a tidy profit. To be successful you will need to understand who they are what they do and what you need to do to muscle in on the party.
Ignoring your competition is not a good idea as they could be well established with deep pockets that eat little pretenders for supper. To understand your competition better you will need to do a competitor analysis. The aim of your competitor analysis is to get a picture of what you are going up against. You want to know how many businesses you are going to compete with. You want to know their market share and how well they are established. You will want to know the types of products they are selling and how they are selling them.
The best place to start is by determining how many competitors there are. If you discover there are several then target the top 5 for further research. The next stage is their finances. This information should be available in the public domain. A good way of finding this information is by researching financial databases. https://polyglotclub.com/language/english/question/36198#blank This information can be found in your library or local chamber of commerce. With this information you can have a good idea of the financial strength of your competition.
Other things you can look at are their products and feedback. The internet and shopping sites such as Amazon provide customer feedback which is a good place to start to gauge the quality of their products. The more you know about your competition the better chance you will have competing against them.