Finding the best site for your franchise business is a vital decision. This decision will eventually make or break your franchise business. Consult your family and friends as to where is the best location for the kind of your business. To get advice, Click Here!
There are tools that are being used to determine the best demographic and psychographic, traffic flow, maps, and other future projections which are available today, making site selection more scientific. Your franchisor may provide access to these tools.
Some big businesses do not own their building or the place where their business stands. They just rent because it reduces the risk by not locking you into monthly payments on a property. It is also very for you to locate to another place if your franchise business does not prosper in a certain area. You do not know that a site will work until you’ve tried it for three or six months or longer. Businessmen advice not to buy until you have a greater level of certainty about the profit the business will generate.
If you’re planning on a standalone business, it’s cheaper to take over or move into an existing unit than to build a new one from the ground up. This also depends on you being the franchisee on how you foresee your business in the future. Be smart in finding the best site. Shop around for several sites to give you an idea of prices, terms, fees, and what is and is not negotiable in your territory. This method will teach you on how to negotiate with different landlords and shopping center managers as you speak with them, which will serve you well in your next negotiation.
If you found the best site for your franchise business, don’t just stop there; determine other factors such as product competition, customers in the community, area development and other factors which will greatly contribute to the success of your franchise business. Experienced franchisees advise that it’s better to wait for an “A” location than to open in a “B” or “C” site just to get going. While speed to market is always a consideration, “Haste makes waste” rules the day if you select a less-than-optimal site.
Sometimes a location appears perfect but has problems you can’t see. Is the neighborhood on the rise or in decline? Speak to the business owners in the area and ask them about the neighborhood. You will not only find out valuable information, you’ll likely make friends and build alliances as you go.
Another great source of help and advice can be found in current franchisees. Ask them what makes their location successful and what advice they might have for you. Compile a list of the features they cite as contributing to their success, as well as those to avoid.