Cabala is a famous store that caters to people who love the outdoors. Before you think about starting a retail store you must consider these things.
1. Is there a need for a Cabela franchise in your local community? You do not want to open a retail franchise in an area where it will not be profitable. You should go out and interview people and see if they know what type of merchandise they carry and if they would shop at the story that you are thinking of starting. Market research is crucial to knowing where to think about starting a Cabela retail franchise.
2. Evaluate how much knowledge you have of Cabela products. You need to have prior knowledge of the products that you will sell before you think about starting a retail store. These are some of the products that their franchise would carry: archery equipment, hunting equipment, ATV accessories, camping equipment, shooting gear, hunting dog accessories, clothing, fishing equipment, and boating equipment.
3. Compile a list of states that do not have a Cabela’s if one of their retail franchises is not needed in your area. This would require moving to another state but if you are really serious about your idea, then it is well worth the sacrifice in the long run. Here are examples of states where there are no franchises: Tennessee, Virginia, North Carolina, South Carolina, Alaska, New Mexico, New Hampshire, and Oregon. These states all have consumers who could need a retail franchise in their state because many people love the outdoors. Many people who love the outdoors do not want to order everything they need online; they want to be able to see and touch the items that they need before they purchase them.
4. Assess your financial situation. In order to start a franchise, you need startup capital and usually that requires a business loan. You need to know if you have good enough credit to secure a business loan. You also need to examine how this franchise would affect your household’s finances.
5. Find potential investors or partners to help fund your franchise. This will help alleviate some of the financial burden on you. It also helps you if you cannot secure a large enough business loan to give you the necessary startup capital that is necessary.
6. Before you ask for a business loan, see how much the entire startup of a franchise in the location that you have chosen will cost. This will allow you to properly budget and ask for the correct amount of money from the bank.
Cabela’s have been around since 1961. The company is even listed on the New York Stock Exchange and in 2006 sent out over 135 million catalogs to consumers. In the second quarter of 2008 their total revenue was 526 million dollars which is an increase of 16.6 %. If you decide to start a retail franchise and find the perfect location, necessary startup capital, and skilled and knowledgeable employees, then you will have a recipe for a profitable business. And remember, franchising is the best kept secret of the 21st Century!
Dr. Edward J Files is an accomplished website developer and author.