Fast casual dining, auto repair, fitness center – whatever kind of franchise unit you’re planning to run, a large part of its success will come down to location, location, location. There’s a good reason why the thrice-repeated word is an adage, a kind of mantra for entrepreneurs. Many businesses in the past, even ones that sold high quality products and services, have failed because they were not located in the right spot at the right time.
But just how do you pick the right site for your business? Follow the tips below on how to scout out good locations and turn a space with a lot of potential into a flourishing business:
- Think like a real estate agent. When evaluating a potential site for your franchise unit, ask yourself questions about the area’s demographic, traffic patterns, access, visibility, and so on. Getting a good grip on the economics of the site’s real estate will allow you to make a much more informed decision.
- Look your competitors in the eye. In other words, be as close to your biggest competitor as you can be. This may sound counterintuitive, but by being in close proximity to your competitors, you’ll benefit from their marketing efforts.
- Get professional help. Finding the right location is only the first step; you’ll also have to negotiate a lease that works for you and your business. An attorney can help you look at things, such as the term of the lease, build out allowance, and the condition of the property. He or she can also assist you in your communications with the landlord and make sure you ask all the important questions.
Running a successful franchise unit is no simple task, but with the right knowledge, you can take your business to the next level. We highly recommend that you enroll in our Franchisee University, a complimentary educational program provided by The Internicola Law Firm, P.C.