Granted, if you’ve decided to buy a franchise and are considering opening it, the location could be the farthest thing from your mind. But this factor can make or break your franchise – and as any real estate or property investor would agree, location makes all the difference! Simply put, how can you succeed if you’re not located in an accessible area and there are no passersby? Therefore, your business franchise’s location should stand out – and more importantly, it should lure customers in.
And here’s the thing: you must decide on a location before buying the franchise, and if you can, try to have exclusive territory over the area – based on the population density or the mapping. An exclusive franchise territory enables you to operate within a specific area where there will be no other franchisees, so you don’t have to contend with competition from the same franchise. Of course, you have to define your exclusive territory in the agreement and know your rights as a franchisee. But the question remains: how can you select the proper franchise location? Here are the top things to consider.
First of all, you must ask your franchisor before everyone else. The fact is that most franchisors will offer guidance when it comes to selecting a location, and some can offer support and guidance in negotiating a lease. The advantages you get from such a service are huge since you no longer have to do the research (or the research and footwork you do will have significantly lessened). The franchisor also has one advantage – they will already know the location that can draw in the most customers, giving you a great head start. And even if the franchisor doesn’t offer this kind of support, they will still have to approve the location you select – so you already have a good idea of your location’s success.
Now we come to the nitty-gritty – choosing the actual location of your franchise. When deciding which location is best, form a customer profile first. What age are they? Are they male or female – in short, what’s their demographic? You must also conduct ample research on your target market and come up with a breakdown of the area’s demography that you are eyeing. For instance, you need to know where you will find your customers and who they are. Is it feasible to operate in a shopping centre, or are you more likely to get the right customers near a university or town centre? If you are looking for a good location, you may want to consider Manchester – known for its vibrancy and innovation, where you can find some excellent universities and more – click here for more information.
It would also make sense to choose a location near a transport hub or a commuting spot, or even where there are special venues such as airports, transport terminals, convention centres, or sports stadiums.
Another point to consider will be how you will get the product to your customers. First of all, how do customers use the product? Will you have to go to them, or will they come to you – this is important because it also dictates your accessibility.
There are some other factors to consider, so it’s best if you decide on these factors from the start:
When all is said and done, the location you choose could make all the difference – so find one that will give you easy access to your customer base – and ensure you have access to a pool of talent, too.