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Take A Good Look At Your Location Before Making Your Franchise Leap
Location, location, location-that old real estate cliché is just as appropriate when it comes to a business franchise. You may have fallen in love with a certain business-maybe while you were on vacation-and are now wondering how it will do in your hometown. Don’t leave this to chance; the right location can make all the difference in the success or failure of your franchise. Make sure your location is right for your business by knowing the following factors.
Population in your area. Every business needs a certain level of population density to support itself. That Starbucks on the trendy corner in Seattle might do well because it’s in a location with over 100,000 people walking by every day. That doesn’t mean it’ll do as well on a quieter corner in your small town of a few thousand people. Before buying into a food franchise opportunity, get in touch with a few owners in other areas. Find out what their surrounding population is, just to get a sense of what kind of population you’ll need to support your business.
Economic levels. Does your population have the income level to make your franchise choice appropriate? Different franchises appeal to different income levels, and turn others off. Do your research-check out the prices of your favorite franchises before buying in. Does the pricing seem on the high end, or are they going for a discount market? How will that appeal to shoppers in your town?
Demographics. Know the appropriate demographics of the people in your area as well. Is your business franchise opportunity typically more appealing to a certain race, age, or sex? If you don’t know, talk to representatives of the company’s franchise department, or simply walk into one of this business’s locations and look at the people inside. Is this demographic plentiful in your hometown? If so, you may have found a good fit. If not, chances are slim that your franchise will do well.
Competition. You might love this franchise, but if there’s one on every corner back home, don’t expect an easy time with this business. Some parent companies will grant you a territory when you buy into their business-meaning that they won’t set up another franchise within your area. Others don’t; some even encourage competition between franchise owners. Make sure your market isn’t over-saturated before you buy into a franchise.
Appropriate setting. Does your business rely on a great deal of walk-in or drive-through traffic, or is it more the type of place where you make reservations and appointments? If your business relies on impulse-buyers, it needs to be in a place where it is easily accessible to walk-in or drive-in traffic. Make sure your hometown has a location that puts you in front of a stream of steady visitors.
Where you put your franchise business can be crucial to its success. Make sure you have the right location in mind-and that the franchise is a good fit for your town. Put some work and time into finding the right fit, and it will pay off in the end.
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