After delving into the realms of franchising,
our next task was to look into Cleveland. Is Cleveland populated with people
that fit SWERVE’s demographic? Are young professionals moving to or back to
Cleveland? Most importantly, is Cleveland a good fit for a SWERVE franchise? How
would franchising affect SWERVE?
Upon
reading several articles that supported the increase in the young professional
demographic in Cleveland, Amanda and I deemed it a perfect fit for SWERVE. The
ideal location for SWERVE would perhaps be downtown or in Ohio City- as both
are thriving destinations with residential buildings and "trendy"
restaurants. Among all of the up and coming areas in Cleveland, downtown is the
most populated with young professionals.
Despite
SWERVE's excellent potential in Cleveland, Amanda and I agree that franchising
should be a long-term goal. Why? Because SWERVE, the "mother
company," would lack absolute control over the franchise and the actions
of the franchisee, and this could create conflict.
In conclusion,
Amanda and I agreed that Cleveland would be a great location for a franchise
(and perhaps we could be the franchisees! :) ), as our extensive research
supported; however, SWERVE should solidify its roots in New York before anything
else.
The table
below indicates growth in Cleveland that specifically correlates to SWERVE’s
demographics.
Written by Marshall Rankin and Amanda Trau on May 30, 2014
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ReplyDeleteI have to admit, It is hard to keep up with all of these individual projects. I think it has been for all of us, and honestly, it's probably not a priority for most of us. However, after reading a couple of yours and Amanda's post, I've found it so interesting to hear what you guys are doing. I'm not sure if you were one of the entrepreneurship students first semester, but I was second semester and we, obviously, learned a decent amount about business and start ups. Before, you guys talked a decent amount about trying to get the word out for this company and creating good campaigns for them. That's a lot of what we did. But, we didn't really learn ANYTHING about franchising and I find it awesome that that is what you guys are doing. Personally, I think the concept of franchising and selling a brand like that is really interesting. Once the brand already has a name it becomes more about the right placement, the research you do becomes completely different. I think it's awesome that this is something that you guys dove into and it sounds like you've been learning a lot about it. I would love to see what your final solution or presentation will look like. Keep up the good work!
ReplyDeleteI was in the entrepreneurship second semester course, and like Corey said, we didn't have the opportunity to learn about franchising, so I think what you guys are doing is really interesting. I would also agree that Ohio City is a young trendy area and this would be perfect for it. Good job!
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