4 Franchise Site Selection Tips To Find The Perfect Home For Your...

4 Franchise Site Selection Tips To Find The Perfect Home For Your Business

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“Remember that when you are seeking out the right location, you are planning for your future,” according to the FreeAdvice Legal team. “This means that all aspects of the location must be taken into consideration, especially the price.”

You’re currently situated in the perfect location – ample parking space, lots of foot traffic, a healthy number of anchor businesses to maintain the traffic and, best of all, it’s well within your budget.

Since you’re now a franchisee, you’re going to have to replicate your success, which includes finding locations just as good as your original one.

Here are some aspects to consider before selecting your new location:

1Consider your customer and community

The first consideration for your location is what you’re offering and who your customer is. Some of the most important details you should think about before committing to a particular area are:

  • What your target customers’ shopping, dining and lifestyle habits and where it makes the most sense for you to be in location to them.
  • Do you need a highly visible location, or will your franchise grow more by word of mouth?
  • What is your budget to spend on rent each month?
  • What kind of property will help your franchise be more successful?

Related: How to Find the Right Location for Your Store

2Assess your proximity to competition

Look around. Where are your competitors located? Keep track of how many types of franchises in your industry are located near the space you’re considering.

For example, says Jason Hightower of FoodFranchise.com, if you’re opening a food franchise, you’d want to look into how many restaurants are in the area surrounding your ideal space to avoid over-saturating the market.

“You may also catch the overflow from existing businesses, particularly if you’re located in a restaurant and entertainment area,” suggests Entrepreneur. But if a nearby competitor is only going to make your marketing job tougher, look elsewhere.

3Evaluate accessibility and parking

It’s not just your customers who you should be considering when it comes to ease of access. Your employees, and suppliers also need to be able to get to work and deliver goods efficiently.

“Take the time to monitor the facility at various times and days to see how the demand for parking fluctuates. Also make sure the parking lot is well-maintained and adequately lighted,” advises Entrepreneur.

Also remember to accommodate people with disabilities and all sizes of supplier bakkies and trucks.

Related: What Made Minuteman Press Hot Off the Press

4Analyse foot traffic

Just like with parking and accessibility, the best way to establish the amount of consumers that will come past your shop is to monitor the traffic outside a potential location at different times of the day and on different days of the week. This gives you a better idea of the volume of pedestrian traffic to expect and if meets your specific needs.

Diana Albertyn
Diana completed a BA in Journalism in 2010 and has honed her skills as a newspaper reporter, senior communications specialist and most recently worked at a weekly magazine as a writer. She joined the EMTS Group in 2016 as a writer for Entrepreneur magazine and SmartCompany Networks. Passionate about honing her writing skills and delivering exceptional client results, Diana continues to keep a finger on the pulse of industry news and insights.