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Most growing franchise systems in the United States that are expanding nationwide are granting rights to an entire state, such as all of Florida.

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Buying a franchise in Florida

With double-digit unemployment, declining consumer confidence, a pessimistic outlook about economic conditions and personal finances, and a declining population, does it still make sense to buy a franchise in Florida?

Franchise experts say Yes, but of course, you’ll need to decide if it makes sense for you.

Chris McCarty, director of the University of Florida’s Survey Research Center, which issues the consumer confidence report, says that Florida is transitioning from a “growth state” to “something else,” and so far no one knows what the something else may mean.

Nonetheless, McCarty points out that there are still more than 18 million people in Florida who still need to eat and live, take care of homes, children, parents, pets and businesses. There may be fewer people in the state, but Florida still ranks the fourth most populous in the nation and the largest in the Southeast. Plus, the state’s Gross Domestic Product of $744.1 billion in 2008 ranked it the fourth largest in America and the largest in the Southeast.

All those people and all that money means there’s opportunity for franchise businesses in Florida!

Just ask Cheryl Babcock, director of the International Institute for Franchise Education at Nova Southeastern University in Fort Lauderdale. She and her husband, John Williams, recently bought area development rights for Broward County, FL for a start-up franchise, eMed-ID, which helps consumers digitize their health care records.

“Elder and medical care are just two examples of the needs that franchise companies can address in Florida,” says Babcock.

There are many other needs, points out Chris Simnick, founder of Synergy Franchise Group based in West Palm Beach. “There are plenty of resilient industries in the state,” says Simnick, who helps franchise companies expand internationally. “Home restoration, home repair, child care, senior care, the pet industry – they are all still going strong. If you had $250,000 to invest in a business and you asked me to name three good industries, I’d tell you: advertising, senior care, child care,” he said.

Of course, the food industry continues to thrive, even though, as Simnick points out, consumers may have “dropped down a level” in their spending habits. For example, they’re choosing the less expensive steakhouse over the more expensive steakhouse – but they’re still eating in restaurants!

When buying a franchise in Florida, it’s important to understand the demographics. What succeeds in Miami, for example, may not do as well in Tallahassee or Naples. “People don’t always understand the diversity of Florida,” says Simnick, and what that diversity means to buying habits.

“You go south of Palm Beach County,” he explains, “and your consumer is not just Floridians. There’s a South America element that you can’t afford to loverlook. But then you go north of Palm Beach County and the influence comes from the east coast of the United States. Over on the Gulf Coast your consumers will be influenced by Canada and the American Midwest.” These are distinct markets all in one state.

“To succeed in a franchise – to succeed in any business in Florida – you must understand that Florida is unique because of distinct markets,” Simnick continues. “Within 50 to 100 miles in any direction it’s almost like a mini regional US. If you know how to market to the diversity, that’s a plus. Talk about Midwest values in Palm Beach County and the people there will wonder what you’re talking about. They relate to the northeast, where ‘dynamic,’ ‘high-paced’ and ‘vast’ are the appropriate words. You can’t be generic and succeed in Florida.”

Simnick’s is an important point to understand when buying a franchise for Florida because if a franchisor insists on you using a generic marketing campaign, you may not survive!

As for Florida’s declining population, Simnick isn’t concerned. “As opposed to a state like California,” he explains, “Florida still has a lot of growth potential. We’ve hit a bubble. If I’m a home builder, I’m concerned about the population decline in the state, but home sitting in Florida, cleaning houses in Florida, mowing properties in Florida – those are all booming businesses because someone has to care for all the foreclosed properties. And now, instead of the customer being a property owner, the customer is the bank! The bank owns the house and that makes the business even better because the bank will pay for these services.”

If you’re going to buy a franchise, good advice may sound like this: Worry less about whether or not Florida is the state for your franchise and worry more about whether or not you are the right fit for a franchise!

About the Author

John P. Hayes is the founder of FranchiseMastermind.com. During the last 30 years he’s been a franchisee, a franchisor and a supplier to franchise companies. He coaches many would-be and existing franchisees and franchisors and is a frequent speaker at franchise conventions and expos. Contact him at www.franchisemastermind.com