Weigh Your Advantages and Challenges Against Competitors
Consider your advantages over competitors and compare your disadvantages and problems with them. First, make a list of the advantages and challenges of starting a business franchise, and list them in a table. For example, you are more successful than your competitors in terms of advertising and providing services or, in terms of location of branches, you may have access to places where your competitors have not yet reached and those areas are still untouched, so you can establish your own branches there.
Write down what you think is an advantage for your business in the table. In the category of challenges mention, problems such as your low initial capital, your unknown and new brand, and whatever you think can be a challenge for business. It is insufficient just to list the advantages and challenges, but you need to assign a weight to each case according to the importance and impact it has on your business.
Your assessment will not be valid if you regard all the advantages or challenges as equally important. For instance, lack of capital and low advertising are both challenges, but the negative impact of lack of capital in your business can be several times greater than low advertising. Therefore, you can give a weight or a factor of 9 to the lack of capital and a weight of 3 to low advertising. Similarly, you can assign a number from 1-10 as the weight or impact factor for all items in the table.