Sometimes, too much of a good thing just isn’t enough.
You’ve been running your franchise for some time now. The experience has been as good, perhaps even better than expected. Response from the market has been positive, and there’s plenty of business… The franchise is growing.
Maybe when you got started, you wanted to see how things worked out — or perhaps your funding was limited — but now you’re ready to take on a new territory. The corporate office is happy to explore the possibilities: As an existing franchise operator, you’re already ahead of the game.
At least where Bin There Dump That is concerned, if you’re looking to expand your territory, we don’t need to evaluate your qualifications and suitability for franchise work. That background has been done, and more importantly, the work you’ve been doing since you opened the franchise is all the testament to your abilities needed.
That said, some of the work done to get you your first territory, will need to be repeated.
What Makes A Good Territory?
As you know, territories are defined in a number of ways: ZIP/postal codes, county lines, natural geographic boundaries and/or where major interstates and roads define a given space.
One key factor to consider is how the corporate office designates its territories.
How a franchisor evaluates a new territory can be key to future success!
How Bin There Dump That Structures Territories
Over time, Bin There Dump That has learned that giving franchise operators exclusive territories works better than having multiple franchises competing for the same customers. Other franchisors cram a bunch of businesses into a defined area. Not only are you battling other companies for business, you’re also fighting with your own brand.
Among the statistics Bin There Dump That looks at are the population density, single-family property density, and household income. The criteria for evaluating the size of a territory don’t change.
Market assessment is critical. A franchise operator might have the skills to run multiple operations, but if a community doesn’t have the critical mass to support the operation, then no amount of skill will suffice.
Bin There Dump That’s Single Territory program that routinely supports a multiple truck operation would be defined as populations of 350,000 to 400,000, with at least 100,000 single-family dwellings.
Some territories might encompass a large area and several communities. Conversely, in a densely populated area it is quite possible to have more than one franchise. Some of the questions asked about a new territory include:
What are the current retail rates for mini-bin/dumpster rentals?
Is the market under- or over-served?
Is the market fragmented or saturated?
How many landfills and transfer stations are there?
What is the cost for dumping and the distance between each landfill/transfer station?
Case Study: From One to Three In Indianapolis
James and Lori Spink have been Bin There Dump That franchise operators in the Indianapolis area for about a year and have built the Bin There Dump That franchise into a successful business in a short period of time.
The Spinks started with one franchise territory, one truck and a dozen bins and have quickly built up to two active trucks on the road and approximately 60 bins out in Indianapolis driveways.
The couple has been planning to parlay their experience and skills into a larger operation. The two are currently in the process of adding two more Bin There Dump That territories to their business. That means bringing four to six more trucks over the course of the next three years. Each truck will be able to manage about 30 residential dumpsters.
Adding To The Fold
Ready to take on a new territory? The first step is to touch base with the corporate office. You’ll need to develop a new business plan and ensure your financing is in place.
Get in touch with your Bin There Dump That corporate liaison to get the process started. In the United States, call 888-357-1154; in Canada, call 866-615-4147.