Sara Wilson of AllBusiness.com recently talked to experts Lorne Fisher of Fish Consulting, Mark Siebert of iFranchise Group and John P. Hayes, a franchising consultant, to learn more about opening a non-local franchise.
If a franchise wants to succeed in a new territory, Hayes says, the need for service and the quality of the concept are two important factors. The other experts stress that a potential franchise owner should research the competition first.
When a franchise becomes popular in a new area, the payoff can be significant. "The advantages are that you will get in on the ground floor, and if the opportunity takes off, you will reap the highest returns," Siebert told Wilson.
Franchise businesses of all types expand into new regions on a regular basis as they grow. Recent examples include the restaurant Marco's Pizza, which recently announced 170 new stores throughout California, and Anytime Fitness, which is bringing its operations to a number of international locations.
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