How do you choose the right location for your brick and mortar franchise?
Here are five things to factor in when deciding the best place to set up your store:
1. When can you expect peak footfall in your chosen location?
Check out the facilities nearby to get an understanding of the activities that bring people to the area. Are there theatres or cinemas, a busy train station, other retail outlets, places of work or schools in the area?
Use this information to map out your peak times and factor in any seasonal changes that may affect your business.
2. Are the right people walking past your store?
Find out the target demographic for your brand to help decide the best place to set up shop. Whether it’s young professionals or families, you need to make sure that brand advocates find you with ease.
Are the transport links good in the area and if necessary, are there places for people to park their vehicles nearby? Check out how accessible the location is because this could tip the balance in your favour.
3. Are you visible?
Your location needs to be visible to consumers as even busy locations have their black spots. Choose a space that will get you noticed for all the right reasons.
Find out how other franchisees within the franchise system chose their location and learn from their experience.
4. Where are your competitors?
Think about the other businesses in the area and ensure that you have not chosen a location with a saturated market.
Find out about the types of areas chosen by other franchisees, what are the levels of competition like there and how does that impact their profitability?
5. What about size?
Does the chosen space meet the shape and size requirements of your franchise? Make sure that the space will be suitable for the length of the agreement.
If you’re opening a coffee franchise or a kids club for example, you need to have enough space for consumers in year one as well as in year five.
Got a location in mind? Take a look at the different opportunities available and filter by town or postcode.Tags: franchise, location