When looking for a franchise to invest in, one of the first decisions to make is deciding on an industry. These days, restaurants and retail stores make up the majority of franchising opportunities. While there are some similarities between them, there are also many unique components of each.
Taking these factors into account will ultimately help you decide which route is ideal for you. Retail franchises can be an excellent choice for new and existing business owners, with their profitability, economic resilience, unique offerings and long-term outlook.
A PROFITABLE INVESTMENT
Of course, one of the first questions any potential franchisee has is, “How much money can I make?” With a needs-based retail store, not only do you have the peace of mind in knowing that you will have regular, stable sales compared to most other franchises, but you will also save on some of the costs that come along with owning a restaurant franchise.
One of the most significant differences between owning a restaurant or a retail franchise is labor cost. While a typical QSR brand requires at least a dozen employees to operate, retail stores need fewer employees. On average, Batteries Plus locations have only 4-7 employees, and many of their employees have been with their franchise for several years or become owners themselves.
This also benefits the customer service their franchisees can provide, as many of their regular customers will recognize the sales associates when they come into the store. Not only does this make things easier for customers, but it also makes things easier for franchisees, as there are fewer people to train and manage.
Finally, the initial investment for a Batteries Plus store is lower than you would need to invest for most QSR brands. The lower investment combined with the high demand and lower labor costs is the perfect formula for solid profitability.
RESILIENCE IN UNCERTAIN TIMES
In the past few years, the single most important factor of any business has been its resilience during times of economic uncertainty. As the COVID-19 pandemic swept across the globe, businesses everywhere were closing their doors, especially those in the restaurant industry.
Meanwhile, retail stores that are considered essential businesses, including all Batteries Plus locations, remained open. Batteries Plus even set new records and continued to grow during the pandemic. One of the reasons retail brands continue to prosper is due to demand.
All of the products and services Batteries Plus offers—from batteries to light bulbs to device repair and technology—are ones that people are always in need of. Their top products and services make up markets worth over $652 billion.
However, Batteries Plus is truly a one-of-a-kind retail franchise. The fact that their employees are thoroughly trained and knowledgeable about all the products and services they offer gives customers an experience they can’t get when ordering from Amazon or other online retail markets.
When customers walk into their store, a Batteries Plus associate can help them find exactly what they need and provide innovative suggestions they may not have even considered that can save them time, effort and money. This is one aspect of their franchise model that their customers and franchisees often mention what sets Batteries Plus apart.
THE LONG-TERM OUTLOOK OF THE BATTERIES PLUS FRANCHISE
As a tech-based retail franchise, Batteries Plus’s products and services will only continue to grow in demand as technology continues to evolve. Their recent initiative to become an Independent Service Provider for Samsung, establishes a level of trust between consumers and the store, knowing their device is in good hands This serves as an enormous potential for franchisees. They plan to continue to grow their pool of products and services.
The outlook for the global battery market had already topped $108 billion in 2019 and boasts a double-digit Compound Annual Growth Rate of 14.1% until the year 2027. This is a number that is seldom seen in most QSR markets.
It’s no wonder Batteries Plus was ranked on Entrepreneur Magazine’s Franchise 500 list for 29 years in a row and was up 69 spots from last year.
ARE YOU LOOKING TO JOIN A RESILIENT AND INNOVATIVE RETAIL FRANCHISE WITH MAJOR GROWTH POTENTIAL? CONTACT US TODAY TO LEARN MORE ABOUT OPENING A BATTERIES PLUS LOCATION IN YOUR AREA.