Despite the fact that a gourmet coffee franchise provides an exclusive opportunity for investment, the market has been saturated. For those who’ve been thinking of investing in a gourmet coffee franchise, you have a great task of setting some things right to be able to succeed in this field.
Gourmet coffee has gained popularity in most countries. Its consumption has increased by 76 percent in a period not exceeding five years. The franchise is posing a threat to Starbucks which has enjoyed popularity for many years. A gourmet coffee franchise has offered a great pull of opportunities thriving in the coffee franchising market.
Besides enjoying high consumer demand, the franchise also offers high profit margins hence posing stiff competition to the players in the market. A gourmet coffee franchise offers two circumstances that are favorable to investors.
First and foremost, opening this franchise as the first person in an area with adequate demand will largely boost your business. However, this is a rare opportunity. This enables you to command a large market share as well as safeguarding you from stiff competition. Do not hesitate to make a step and invest if you have such a rare opportunity in your surrounding.
A more often circumstance exists where there is high demand and stiff competition. Competition as perceived by most entrepreneurs isn’t bad; it only indicates that this franchising business can thrive in such a competitive market. In any case, business involves identifying new markets or pulling in customers from existing market players.
To thrive in such a competitive market, you have a task to provide something unique or extra that consumers cannot get elsewhere. This in marketing terms is referred to as a unique selling proposition (USP). Such unique offers could entail better prices, relaxing atmosphere among other offers that pull in customers. Cutting a niche is the only way to success in such competitive markets.
Before staging this business, consider such factors such as competition that might be a drawback to your business.