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One of the biggest draws for a retailer to be a franchise is the geographically defined areas that it provides. Depending upon the product this will ideally see the franchisee being the sole provider of a unique product within their region, however beyond this there are many factors that should guide your choice of finding business premises that are right for you. In this guide we introduce you to the key elements that should be influencing your choice of franchise location planning.
It should be noted that a good franchisor will assist you with finding the right business location. This is always a strong advantage of becoming a franchise owner rather than setting up on your own. However it does not hurt to carry out some of your own investigation first:
As a starting point you must, before you consider any location, know the business product, concept and industry back to front. You should undertake a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the business. You must also identify your target market and get to know about their key demographical information (e.g. age, disposable income, gender, ethnicity, home ownership status etc.).
Once you have undertaken your research so as to know the basics of your business you will then want to establish the key demographical qualities that may impact upon the popularity of your products or services.
For example, if you’re considering a pizza delivery business such as Papa John's that is aimed at young professionals, there is little point in choosing a location that is very much considered as a popular retirement area.
Another demographical question to be considered, regardless of your business, is in relation to average disposable income and this, of course, becomes ever more important when choosing a franchise that sells luxury products or services such as No+Vello.
Whilst ideally you could have your pick of the location when it comes to your franchise, each franchisor will have its own set of stringent rules as to who is placed where and at what price. Most notably however a sign of a good franchise is one that has already undertaken extensive market research for you and one that can provide detailed guidance as to how each of their already franchised religions have performed. A good example would be the Mail Boxes Etc. franchise as they will assist with help with finding a business premises, shop fitting expenses, legal fees, equipment, supplies and inventory to help your business to get started.
You can find extensive information as to how the franchise would work, both in the long term and on a day to day basis, through the franchise agreement document.
Ask any potential franchisor company about contact details for the current franchisees. This is an excellent way of getting real world guidance that will serve as invaluable to your franchise location choice. The Dream Doors franchise, for example, has over 50 showrooms across the country with many successful franchisees. Read more on their profile page and case studies.
What’s more you should additionally trust your own instincts, particularly when it comes to your local areas, which you probably know far better than the franchisor.
As a physical store front retailer you will likely know that parking is a pretty important factor that will affect your business success, so be sure to consider this in analysing a retail site.
If you are based upon a road then you should also consider traffic patterns, such as how busy the road is a whether this will impact upon the access or parking to your store.
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