Cabala is a very famous store that caters to people who love the outdoors. Before you think about starting a retail store, you should consider these things.
1. Is there a need for a Cabela franchise in your local community? You don’t want to open a retail franchise in an area where it won’t be profitable. You should go out and interview people and see if they know what kind of merchandise they are carrying and if they would buy in the story that you are thinking of starting. Market research is crucial to knowing where to think about starting a Cabela retail franchise.
2. Assess your knowledge of Cabela products. You should have prior knowledge of the products you will be selling before thinking of starting a retail store. These are some of the products that your franchise would carry: archery equipment, hunting equipment, ATV accessories, camping equipment, shooting equipment, hunting dog accessories, clothing, fishing equipment and navigation equipment.
3. Compile a list of states that do not have Cabela’s if one of their retail franchises is not needed in your area. This would require moving to another state, but if you really are serious about your idea, then it is worth the sacrifice in the long run. Here are examples of non-franchise states: Tennessee, Virginia, North Carolina, South Carolina, Alaska, New Mexico, New Hampshire, and Oregon. All of these states have consumers who might need a retail franchise in their state because many people love the outdoors. Many people who love the outdoors don’t want to order everything they need online, they want to be able to see and touch the items they need before buying.
4. Assess your financial situation. To start a franchise, you need startup capital, and usually that requires a business loan. You need to know if you have enough credit to secure a business loan. You should also examine how this franchise would affect your home finances.
5. Look for potential investors or partners to help you finance your franchise. This will help ease some of the financial burden on you. It also helps if you can’t get a business loan large enough to provide you with the necessary starting capital.
6. Before applying for a business loan, see how much it will cost to start a full franchise in your chosen location. This will allow you to budget appropriately and request the correct amount of money from the bank.
Cabela’s has been around since 1961. The company is even listed on the New York Stock Exchange and in 2006 sent more than 135 million catalogs to consumers. In the second quarter of 2008, its total revenue was $ 526 million, representing an increase of 16.6%. If you decide to start a retail franchise and find the perfect location, the necessary start-up capital, and knowledgeable and skilled employees, then you have a recipe for a profitable business. And remember, the franchise is the best kept secret of the 21st century!