A key to your franchise success.
The old cliché still applies today. Selecting the right franchise location is a major contributor to its success. First make sure you know the nuts and bolts of your franchise. There are so many different types of franchises that finding a location is not a cookie cutter process. If you truly want to understand the right franchise location work closely with your franchisor to answer key questions such as:
- Who is your target customer? Age, ethnicity, occupation (blue-collar or professional)
- Where do those target customers live?
- Where do your target customers shop, go to school and church?
- How and when do these customers interact with the franchise? (Is it a restaurant that caters to the business crowd on their lunch breaks? Is it an emergency care center that needs to be close to where people live and in a safe location for late nights?)
- Is it a destination concept? (Do your customers come to you?)
- Does it rely on impulse sales, and so is a highly visible location a must?
- Are your customers coming to you, or are you going to them? (In this case, location is less important and you might even be able to start a home-based franchise.)
- Are there requirements and regulations that you need to consider before selecting a site location?
Review the answers to these questions with your franchisor. Your franchisor has already done a lot of market research for you. Part of the benefit of purchasing the franchise is access to data that will assist you in finding a location. Some franchisors have market managers who are familiar with your area and know firsthand the demographics and buying patterns of your consumer. This individual may also know developers or real estate professionals who may assist you. Most important is the franchisor’s track record. They have the data and the experience to guide you in finding the right location.
We know that location…location…location is important to the success of your business. Choose carefully and your chances for success will be far greater.