Finding the right location is paramount when it comes to any type of “brick and mortar” franchise business. It is one of the most critical decisions a franchisee can make. However, in searching for the ideal place or places, mistakes are easily made.
Know your history
While “location, location, location” is an oft-used term, knowing the specifics about the benefits and drawbacks of a business real estate transaction is paramount. What seems ideal on the surface may not be when it comes to the finer details. Thorough research can reveal that multiple businesses in your chosen industry have been tried numerous times and failed.
Is bigger better?
Attention to detail in opening a business means knowing the size requirements of your enterprise. Making sound decisions only help your bottom line. The best deals can unravel when looking into the finer details. Transactions that involve cost per square footage may lead to the temptation to add more space. As with any aspect of opening your franchise, due diligence is paramount in knowing the exact amount of profitable space you’ll need.
As a franchisee, your location must be easily recognizable when it comes to branding. Your vision of the business must be in concert with the franchisor’s expectations. That includes signage and color schemes to provide a look similar to other locations. Many high-level franchises offer guidance for business specifications and rules. Contracts may also require approval of the site.
Marketing and promotion
The perfect piece of business real estate means little if a strong and cohesive marketing plan is not in place. While finding the ideal location is your first step, a marketing strategy should be the next priority after formalizing the purchase. As a franchisee, you are likely to get help from your franchisor. Creating exposure for your new location will require hard work, diligence, and creativity.
*NOTICE: This blog is intended solely for informational purposes and should not be construed as providing legal advice. Please feel free to contact us with any questions you may have regarding this blog post.